Yes Bank seeks shareholders’ approval to raise up to Rs 10,000 crore debt capital
Yes Bank will seek shareholders’ approval next month to raise debt capital of ₹10,000 crore through various modes on a private placement basis.
The Annual General Meeting of the Bank is scheduled on 15th July, 2022.
“In order to enable the Bank to evaluate the potential fund raising at an appropriate time, the Board of Directors seeks approval from the members of the Bank for borrowing/raising funds in Indian/Foreign currency by issuance of debt securities up to ₹10,000 crore, Yes Bank said in a regulatory filing.
The bank said it plans to borrow money through debt securities including non-convertible debentures, MTNs (medium term notes), bonds (including forming part of Tier I/II capital). It may also include long-term infrastructure bonds or such other securities, including those issued from its offshore branches and/or IBUs (IFSC Banking Unit) located at GIFT City IFSC.
It states that funds can be raised in one or more tranches in domestic or foreign markets.
Also, the bank will seek the approval of the shareholders for amendments to the Employees’ Stock Option Scheme (YBL Employee Stock Option Scheme 2020).
The Bank intends to revise the maximum limit of options to be given to an employee per capita. The proposal has been made keeping in mind the ESOP allocation for the two financial years (FY2022 and FY2023). Further amendments, if required, will accordingly be recommended to the shareholders for approval, it said.
Yes Bank said that it had launched ‘YBL Employee Stock Option Scheme 2018’ to attract, retain, motivate and incentivize its eligible employees through a special resolution of shareholders on June 12, 2018. Subsequently, it amended the YBL ESOS 2018 to increase the total number of employees. stock options.
In addition, the bank will also seek approval from the members for payment of remuneration to MD and CEO Prashant Kumar.
“Approval of the members … accorded to Prashant Kumar as MD & CEO of the Bank for payment of Variable Salary, including Performance Bonus (Cash) and Performance Employee Stock Option (PESOP) at the end of each financial year , N&RC and as determined by the Board of Directors,” Yes Bank said.
The total fixed salary of Mr. Kumar including perquisites for 2021-22 was `3.02 crore, the basic salary was `49,50,000.
Shares of Yes Bank was trading at Rs 12.81 on BSE, up 0.79% from the previous close.