MUMBAI: Yes Bank’s board approved several proposals, including a plan to raise Rs 7,500 crore via equity and Rs 8,500 crore via debt, following Japan’s Sumitomo Mitsui Banking Corp’s planned entry as a strategic investor. The decisions, taken on June 3, mark a shift in the bank’s capital structure and governance framework. The proposals are subject to shareholder and regulatory approvals. The board also approved amendments to articles of association, giving SMBC the right to maintain its stake in future share issuances and to nominate two directors to the board. SBI will be allowed to nominate one. These moves give the Japanese bank significant influence in board affairs.
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