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Last Updated : Jan 14, 2020 07:07 PM IST | Source: Moneycontrol.com

Yes Bank to hold EGM on February 7; lender to seek shareholders nod to raise share capital

The bank said in the release that at the EGM, it will seek shareholders' approval to raise its authorised share capital to Rs 1,100 crore.

 
 
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Yes Bank will hold its Extraordinary General Meeting (EGM) at 11 am on February 7.

According to a release, the bank stated it will seek shareholders' approval to raise its authorised share capital to Rs 1,100 crore at the EGM.

The lender's board, on January 10, approved a plan to raise fresh capital of Rs 10,000 crore via a mix of debt and equity. It also turned down Canadian industrialist Erwin Singh Braich's $1.2 billion investment bid. Meanwhile, the board announced that it would further consider the $500 million offer from Citax Holdings and Citax Investment Group at its next meeting.

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In a separate statement last week, Yes Bank informed the exchanges that its Independent Director Uttam Prakash Agarwal submitted his resignation after having expressed his concerns over the bank's ongoing fundraising exercise.

Read | Uttam Agarwal resigns as independent director of Yes Bank, cites 'corporate governance failure'

Agarwal cited failures in corporate governance and compliance as the reason for resignation. However, Yes Bank said that the lender was reviewing his ‘fit & proper’ status for the role under directions from the regulator.

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First Published on Jan 14, 2020 07:03 pm
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