Yes Bank’s shareholders have approved 12 resolutions which included the re-appointment of Rana Kapoor as MD & CEO of the bank with a majority vote of 99.97%, sans the vote of the Madhu Kapur family.
In the bank’s annual general meeting on Saturday, the shareholders also approved through a special resolution the issuance of non-convertible debentures and bonds up to R10,000 crore and also increased the borrowing limit of the bank to R50,000 crore from R30,000 crore currently. Also, shareholders approved through a special resolution to raise fresh equity aggregating up to $1 billion.
The bank got a majority vote to increase the combined foreign portfolio investors (FPI) and foreign institutional investors investment (FII) limits to 74% of the paid-up capital of the bank.
“In line with the bank’s vision of growing Yes Bank into a meaningful large bank by 2020, as also to further capitalize on the imminent revival in the economic growth cycle, the bank had also sought approvals for capital raising which was passed with an overwhelming majority,” the bank said in a press release.
Shareholders also re-appointed M R Srinivasan as non-executive non-independent director (previously the chairman of Yes Bank) with a majority vote. Also, Diwan Arun Nanda and Ajay Vohra have been appointed as independent directors.