Former SBI official Prashant Kumar has been formally appointed as the MD and CEO of Yes bank.

Money Yes Bank Friday, March 27, 2020 - 09:42

Private lender Yes Bank on Thursday constituted a new Board led by former SBI official Prashant Kumar, who is now the MD and CEO of the bank.

Eight members including Kumar were appointed to the Board, which subsequently held its first meeting where it decided to raise Rs 5,000 crore.

Till now, the office of the administrator appointed by the RBI was in charge of the bank.

Apart from Kumar, Sunil Mehta, former Non-Executive Chairman of Punjab National Bank will take over as the Non-Executive Chairman of Yes Bank. Other Board members include Mahesh Krishnamurthy and Atul Bheda, both as Non-Executive Directors.

"The Board, at its meeting today, has approved, subject to receipt of requisite approvals, raising of funds for an additional amount aggregating up to Rs 5,000 crore, in one or more tranches, on such terms and conditions as it may deem fit, by way of issuance of securities including but not limited to through a qualified institutions placement, public issue, rights issue, global depository receipts, American depository, receipts, foreign currency convertible bonds or any other permissible mode," the bank said in a BSE filing.

"It is clarified that no shareholders' approval has been sought, nor is such approval required, in the event that any issuance of securities is undertaken by way of a rights issue.

As per the filing, the board comprises,

  1. Sunil Mehta as Non-Executive Chairman.
  2. Mahesh Krishnamurti as Non-Executive Director.
  3. Atul Bheda as Non-Executive Director.
  4. R Gandhi as Additional Director appointed by Reserve Bank of India
  5. Ananth Narayan Gopalakrishnan as Additional Director appointed by Reserve Bank of India
  6. Partha Pratim Sengupta as Director nominated by State Bank of India
  7. Swaminathan Janakiraman as Director nominated by State Bank of India; and
  8. Prashant Kumar as Managing Director & CEO