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    Yes Bank seeks shareholders


    Also, the bank will seek shareholders’ approval for amendments to the Employees Stock Option Scheme (YBL Employee Stock Option Scheme 2020).

    YES Bank | Shareholders | Fundraising

    Yes Bank will seek shareholders’ approval next month to raise debt capital of Rs 10,000 crore through various modes on private placement basis.

    The bank’s annual general meeting is scheduled for July 15, 2022.

    “For enabling the bank to evaluate a potential fund raising at an appropriate time, the board of directors seek approval from members of the bank for borrowing/raising funds in Indian/foreign currency by issue of debt securities up to Rs 10,000 crore,” Yes Bank said in a regulatory filing.

    The bank said it plans to borrow the funds through debt securities including nonconvertible debentures, MTN (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 securities to be issued from its offshore branches and/or the IBU (IFSC Banking Unit) situated at the GIFT City IFSC.

    The funds may be raised in one or more tranches in domestic or overseas markets, it said.

    Also, the bank will seek shareholders’ approval 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 granted per individual employee. The proposal has been made considering the ESOP allocation for two financial years (FY2022 and FY2023). Further revisions to this, if required, shall be recommended for approval to shareholders accordingly, it said.

    Yes Bank said it had introduced YBL Employee Stock Option Scheme 2018′ to attract, retain, motivate and incentivise its eligible employees vide shareholders’ special resolution dated June 12, 2018. Subsequently, it amended the YBL ESOS2018 to increase the aggregate number of employee stock options.

    Besides, the bank will also seek approval from members for payment of remuneration to MD&CEO Prashant Kumar.

    “The approval of the members… hereby accorded for payment of variable pay to Prashant Kumar as MD&CEO of the bank, comprising performance bonus (cash) and Performance Employee Stock Options (PESOP) at the end of the each financial year, determined by N&RC and board of directors,” Yes Bank said.

    Kumar’s total fixed pay, including perquisites, for 2021-22 stood at Rs 3.02 crore with basic salary of Rs 49,50,000.

    Yes Bank stock was trading at Rs 12.81 on BSE, up 0.79 per cent from previous close.

    (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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