Sunil Mehta said in an interview that the board had begun conversations with possible investors to raise up to 10,000 crore as part of the restructuring strategy.
In addition, he stated that the new asset rehabilitation business would be established by September.
According to Sunil Mehta, the bank’s outgoing chairman, the new board of Yes Bank Ltd will decide on the capital raising strategy that the private lender has been mulling since last year.
In an interview, Mehta stated that the board had begun discussions with possible investors to fund up to 10,000 crore as part of the restructuring plan. In addition, he stated that the new asset rehabilitation business would be established by September.
The board of directors of Yes Bank approved the bank’s exit from the rehabilitation scheme on Wednesday. excerpts that have been edited In July 2020, merchants invested Rs. 15,000 crore.
There may even be new traders who have expressed an interest in participating in the financial institution’s future growth. The three-year lock-in period for merchants under the rehabilitation project expires in March 2023.
I believe these investors are currently deciding how long they would keep and profit from their bank investments. The progress has been incredible, exceeding all expectations.
The board of directors and management are pleased with what has been accomplished over the last two years and three months to restore stability and set the financial institution on a new path.
Our 24,000 employees had a terrible time dealing with a serious crisis while also rebuilding the bank. Given the circumstances, you can never declare the task is finished in any financial institution transition.
As we progressed in stabilising the financial institution and dealt tenaciously with all legacy issues, issues relating to each constituency and stakeholder had to be addressed in order for the financial institution to regain trust.
That had to be accomplished by demonstrating positive results on a quarterly basis, rather than simply expressing a wish for the future. All of the critical issues had to be handled.
Any board and administration must deal with advanced points quickly and decisively on a regular basis. You’re on a treadmill when you operate a financial institution. It shows no signs of slowing down.
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