R Gandhi appointed as Additional Director on the board of Yes Bank
R Gandhi: RBI appointed two additional directors to Yes Bank Board. One named R Gandi, former Deputy Governor in RBI and another person named Shri Ananth Narayan Gopalakrishnan, is from S P Jain Institute of Management and Research, Associate Professor. In addition, From March 26th they will make the decisions for 2 years period.
The Reserve Bank of India may select one or two persons to the Yes Bank’s board as additional directors under the reconstruction scheme, which already effected from 14th of this month. Earlier this month, on March 5th Prashant Kumar, appointed to the post of Chief Executive Officer (CEO) and Managing Director (MD) of the Yes Bank.
Meanwhile, Prashant Kumar is Chief Commercial Officer (CFO) and deputy MD at State Bank of India (SBI). At the same time, On March 18th RBI lifted Yes Bank Moratorium.
From March 26th, seven days from the end of the moratorium, Prashant Kumar will take the position of the CEO and Managing Director of the Bank.
The new board is headed by non-Executive Chairman Sunil Mehta and Non-Executive Director Mahesh Krishnamurthy and Atul Bheda. State Bank of India is one and only the largest lender it has a 43% stake, they have two board members – Partha Sengupta (Deputy Managing director and Chief Credit Officer at SBI), and G Swaminathan.
Others Banks invest in Yes Bank:
IDFC First bank to buy a Rs 250 crore equity investment to buy 25 crore equity shares in Yes Bank. Federal Bank to invest Rs 300 crore for 30 crore shares. ICICI Bank has announced its private lender investing capital equity of Rs 1,000 crore of more than 5%. Axis Bank invests to Rs 600 to buy 60 crore shares at the company, while Rs 1,000 will be added by the HDFC.
Besides, For all investors, there will be a three-year lock period. In that lock period, SBI will only have 26% shareholding, other investors 75%.
Yesterday, the share of Yes bank traded with a loss of 7.90 points reached 45.95 INR with 14.67% down in NSE. Whereas in BSE, it traded with a loss of 8.00 points reached 45.90 INR with 14.84% down.
Stock Market March 20th:
On the fifth consecutive day, the stock market traded with the bullish trend. The Sensex traded with a gain of 1,627.73 points reached 29,915.96 with 5.75% up. Whereas, Nifty traded with a gain of 482.00 points reached 8,745.45 with 5.83% up.
In the border market, the S&P BSE Midcap traded with a gain of 447.04 points reached 11,141.38 with 4.18% up. Whereas, S&P BSE SmallCap traded with a gain of 391.46 points reached 10,113.36 with 4.03% up. At the same time, Nifty bank traded with a gain of 234.10 points reached 20317.60 with 1.17% up.
Top Gainers: Bharti Infratel Ltd, Oil & Natural Gas Corporation Limited, GAIL (India) Limited, Hindustan Unilever Ltd, UltraTech Cement Ltd, Reliance Industries Limited, Grasim Industries Ltd, Housing And Urban Development Corp Ltd, Dr.Reddy’s Laboratories Ltd, and Wipro Limited.
Losers: HDFC Bank Limited, Adani Ports and Special Economic Zone Ld, Indusind Bank Ltd, and Axis Bank Ltd.