New board of Yes Bank will have CEO, MD, non-executive chairman, non-executive directors: SBI

State Bank of India said it will be issued 245-crore shares at a price of ₹10 each for ₹2,450 crore in Yes Bank, translating into a 49% stake

The State Bank of India (SBI) on Saturday said that the new board of Yes Bank will have a CEO and MD, non-executive chairman and non-executive directors.

“All the employees of the reconstructed bank shall continue in its service with the same remuneration and on the same terms and conditions… at least for a period of one year,” SBI said.

SBI on Saturday said it will be issued 245-crore shares at a price of ₹10 each for ₹2,450 crore in Yes Bank.

These shares will translate into a 49% stake into the reconstructed bank.

Also read: Government, RBI didn’t bother to read the balance sheet of Yes Bank, says Chidambaram

SBI shall not reduce its holding below 26% before completion of three years from the date of infusion of the capital, the country’s largest lender said in a statement.

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