Leading private-sector lender Yes Bank recently announced that its shareholders have approved the reappointment of Rana Kapoor as the Managing Director (MD) and CEO of the bank for a period of 3 years. The appointment is effective from 1 September 2018. The reappointment of Rana Kapoor was one of 13 resolutions that were passed by the bank’s shareholders at the 14th Annual General Meeting (AGM). Yes Bank also announced that Mr. Kapoor’s reappointment is subject to the Reserve Bank of India’s (RBI) final approval.
The meeting also saw the appointment of Rentala Chandrashekhar and Pratima Sheory as independent directors of Yes Bank for a period of five years. Further, Subhash Chander Kalia was appointed as a non-executive, non-independent director and Ajai Kumar was reappointed as a non-executive, non-independent director. The shareholders also approved a proposal to raise funds up to a sum of Rs.30,000 crore in Indian or foreign currency. In order to enable this, a special resolution was passed to raise the bank’s total borrowing limit to Rs.1.1 lakh crore.
The shareholders of Yes Bank also approved issuing a dividend of Rs.2.7 per share with a value of Rs.2 each, as recommended by Yes Bank’s board. The shareholders also passed a special resolution to raise funds to the tune of approximately Rs.6,700 crore by issuing shares (ADR/QIP/FCCB/GDR). The Annual General Meeting was chaired by Ashok Chawla and was attended by all nine directors of the bank.
For the financial year that ended in March 2018, the lender’s annual loan growth rate was 54%, which was one of the fastest among the various banks in the country. Yes Bank is also the third-most profitable bank by return on assets.