Mumbai, Mar 27 (IANS): Private lender Yes Bank on Thursday constituted a new Board led by former SBI official Prashant Kumar.

Eight members including Kumar were appointed to the Board, which subsequently held its first meeting where it decided to raise Rs 5,000 crore.

Till now, the office of the administrator appointed by the RBI was in charge of the bank.

Apart from Kumar, Sunil Mehta, former Non-Executive Chairman of Punjab National Bank will take over as the Non-Executive Chairman of Yes Bank. Other Board members include Mahesh Krishnamurthy and Atul Bheda, both as Non-Executive Directors.

"The Board, at its meeting today, has approved, subject to receipt of requisite approvals, raising of funds for an additional amount aggregating up to Rs 5,000 Crores, in one or more tranches, on such terms and conditions as it may deem fit, by way of issuance of securities including but not limited to through a qualified institutions placement, public issue, rights issue, global depository receipts, American depository, receipts, foreign currency convertible bonds or any other permissible mode," the bank said in a BSE filing.

"It is clarified that no shareholders' approval has been sought, nor is such approval required, in the event that any issuance of securities is undertaken by way of a rights issue."