“We are vacating the premises floor by floor and the complete transition will happen over a period of two months,” said Yes Bank MD & CEO Prashant Kumar. He said that every month the bank will bring down its rental costs. Last week, the bank’s board of directors approved the shifting of the registered office within the local limits of the city.
Yes Bank had acquired the Santacruz premises from Anil Ambani’s Reliance Infrastructure with the Rs 1,200-crore valuation being used to repay Reliance’s debt. Reliance Infrastructure has also decided to convert its dues from its energy arm Reliance Power into equity, thereby hiking stake in the firm. Shares of Reliance Power rose 5% following the announcement.