New Delhi: The finance ministry has notified the reconstruction scheme of Yes Bank and the moratorium under which it was placed on March 5 will be lifted in three working days. Also Read - Yes Bank Crisis: Cabinet Approves Bailout Plan, SBI to Invest up to 49% Equity
1. The authorised capital of the reconstructed bank shall stand altered to Rs 62,00,00,00,000 (Rupees six thousand two hundred crores only) Also Read - SBI Gets Approval to Invest Rs 7,250 Crore in Crisis-hit Yes Bank
2. The number of equity shares will be altered to 30,00,00,00,000 (three thousand crores only) of rupees two only each aggregating to Rs 60,00,00,00,000. Also Read - Court Extends Yes Bank Founder Rana Kapoor's ED Custody Till March 16
3. The investor bank and other investors shall invest in the reconstructed bank and the bank shall allot equity shares at a price of Rs 10 only with the face value of Rs 2 only and the premium of Rs 8 only.
4. The investor bank shall not reduce its equity shareholding below 26 per cent before three years.
5. The equity shares will be allotted within two working days following the commencement of the scheme.
6. A new Board of Directors will take over the management. Prashant Kumar, former chief financial officer and deputy managing director of SBI, will be the CEO and MD of the reconstructed bank. RBI may appoint additional directors.
7. All the deposits with and the liabilities of the reconstructed bank ( except as provided in the scheme) shall continue in the same manner and with the same terms and conditions.
8. No person shall be entitled to get any compensation from the reconstructed bank on account of the changes.
9. All employees of the reconstructed bank shall continue to be employees of the reconstructed bank with the same remuneration and on same terms and conditions.
10. The moratorium shall cease to have effect on the third working day at 18.00 hours from the date of commencement of this scheme.