Yes Bank board approves fundraising of up to Rs 5,000 crore
The private lender also informed the exchanges that Administrator Prashant Kumar will now be taking charge as MD & CEO.
March 26, 2020 / 10:18 PM IST
Yes Bank on March 26 said its board has approved a proposal to raise up to Rs 5,000 crore.
The private lender informed the exchanges that it will raise the additional amount through shares, ADRs, GDRs or convertible bonds and it will be done in one or more tranches.
Yes Bank had earlier raised Rs 10,000 crore from SBI and other banks and financial institutions through sale of equity under its reconstruction plan approved by the government and the Reserve Bank of India (RBI).
Also Read: What the Yes Bank rescue plan actually means
The bank resumed normal operations on March 18 after a moratorium imposed by RBI was lifted.
The bank also said that pursuant to the Yes Bank Reconstruction Scheme 2020, the office of the administrator of the bank, Prashant Kumar, "stands vacated".
Kumar, former SBI CFO, assumed charge as bank's RBI-appointed administrator on March 5, as soon as the board was superseded.
The new Yes Bank board comprises Kumar, Sunil Mehta as Non-Executive Chairman, Mahesh Krishnamurti as Non-Executive Director, Atul Bheda as Non-Executive Director, R Gandhi and Ananth Narayan Gopalakrishnan as Additional Directors appointed by RBI, Partha Pratim Sengupta and Swaminathan Janakiraman as Directors nominated by SBI.