Yes Bank‘s Non-Executive Director (NED) Sunil Kaul (nominee of CA Basque Investments) has submitted his resignation as a Director of the Bank.
This development comes even as the private sector bank’s Board of Directors had on April 21, 2024 approved the allotment of 127,98,80,909 fully paid-up equity shares of face value of ₹2 each to CA Basque Investments pursuant to exercise of as many share warrants allotted to it on December 13, 2022 at a price of ₹14.82 per share warrant.
As at September-end 2024, CA Basque Investments held 6.84 per cent stake in the Bank.
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In his resignation letter, Kaul said: “This decision ( to resign with immediate effect from October 11, 2024) is due to my increasing professional responsibilities and work commitments both in India and overseas, because of which I may not be able to dedicate the time and attention required to fulfill my duties as a Board member at this time.” He was appointed as NED on December 13, 2022 by Yes Bank’s Board of Directors.
Yes Bank’s regulatory filing did not mention whether CA Basque Investments will be nominating a nominee director in Kaul’s place.
CA Basque Investments is a special purpose vehicle (incorporated in the Republic of Mauritius) and is fully owned by CA Marans Investments (incorporated in the Republic of Mauritius), which is ultimately controlled by the funds managed by the affiliates of The Carlyle Group Inc.
The Bank’s shares had closed at ₹21.41 per share on Friday, down 0.09 per cent over the previous close on BSE.