Mumbai: The Yes Bank board at its annual general meeting ( AGM ) on Wednesday studiously avoided shareholder queries on Rana Kapoor’s future at the lender . He also said that the bank’s asset quality issues were being blown out of proportion.“The market has responded a lot more conservatively to our asset quality issues than what is justified,” Gill told shareholders. The RBI had nominated retired deputy governor R Gandhi to the board of Yes Bank last month to make sure that the lender adhered to prudential norms and that checks and balances were in place.“The recent resignations of board members of Yes Bank add to the growing number of board-member exits seen since last year. Coupled with the recent rating downgrades, we believe it is an overhang on the stock performance,” said Lalitabh Shrivastawa, AVP – research, Sharekhan. Gill told shareholders that the bank was looking to raise money through either a qualified institutional placement or private equity sale.

Source: Economic Times June 13, 2019 01:52 UTC