Employees of reconstructed Yes Bank will get same pay for at least 1 year: SBI | Mint
Active Stocks
Wed Feb 28 2024 15:59:21
  1. Tata Motors share price
  2. 957.75 -0.52%
  1. Tata Steel share price
  2. 140.75 -2.36%
  1. HDFC Bank share price
  2. 1,408.15 -0.87%
  1. Power Grid Corporation Of India share price
  2. 279.55 -4.43%
  1. ITC share price
  2. 408.60 -0.62%
Business News/ Companies / News/  Employees of reconstructed Yes Bank will get same pay for at least 1 year: SBI
BackBack

Employees of reconstructed Yes Bank will get same pay for at least 1 year: SBI

New board of Yes Bank to have CEO and MD, non-executive chairman and non-executive directors, said SBI in a statement
  • SBI will be issued 245 crore shares of Yes Bank at a price of ₹10 each for ₹2,450 cr
  • (Photo: PTI)Premium
    (Photo: PTI)

    New Delhi: The State Bank of India (SBI) on Saturday said it will be issued 245-crore shares at a price of 10 each for 2,450 crore in Yes Bank.

    These shares will translate into a 49 per cent stake into the reconstructed bank.

    SBI shall not reduce its holding below 26 per cent before completion of three years from the date of infusion of the capital, the country's largest lender said in a statement.

    It further said that the new board of Yes Bank will have CEO and MD, non-executive chairman and non-executive directors.

    "All the employees of the reconstructed bank shall continue in its service with the same remuneration and on the same terms and conditions... at least for a period of one year," SBI said.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 07 Mar 2020, 07:37 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App