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Yes Bank reforms board, plans to raise 50B rupees in capital

Yes Bank Ltd. plans to raise up to 50 billion rupees in capital and reconstituted its board after the lender implemented its restructuring plan.

The bank's new board reformed from March 26, comprising of two new directors nominated by State Bank of India, which had injected 60.50 billion rupees into Yes Bank as part of the lender's restructuring.

State Bank of India appointed Partha Pratim Sengupta and Swaminathan Janakiraman to Yes Bank's board. Sengupta is deputy managing director of State Bank of India, while Janakiraman is managing director and chief digital officer at the bank.

The two directors joined the newly formed eight-man board led by Sunil Mehta as nonexecutive chairman.

Meanwhile, the board approved raising up to 50 billion rupees in capital via an issuance of securities.

India's central bank proposed the restructuring of Yes Bank after placing the lender under a moratorium in early March. The central bank took over the lender due to a serious deterioration in its financial position.

As of March 26, US$1 was equivalent to 74.76 Indian rupees.