YES Bank shares surged as much as 29 percent on Thursday after a report stated that the government has approved a stake buy plan by a State Bank of India-led consortium in the troubled private-sector bank.

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According to a Bloomberg report, the government has approved a plan for SBI to form a consortium that will buy stake in the debt-ridden bank.

The Bank’s management has been trying to get potential investors on-board since last year. Private equity firms Advent International and Apax Partners were the first ones to come up with their bids.

Let’s have a look at the company’s key events that led it to this state:

August 30, 2018:

The bank gets RBI nod for Rana Kapoor to continue as MD and CEO until further notice from the central bank.

September 25, 2018: The lender’s board decides to seek RBI nod to extend Kapoor’s term until April 30, 2019. The bank's board says that it will form a committee to search for Kapoor’s successor.

October 11, 2018: YES Bank appoints advisory firm Korn Ferry to help find a new CEO.

October 17, 2018: RBI refuses to give Rana Kapoor more time and asks the lender to find a new CEO by February 1, 2019. YES Bank says it aims to complete the recruitment process by mid-December.

November 14, 2018: Ashok Chawla resigns from YES Bank's board. Vasant Gujarathi also steps down as an independent director.

November 20, 2018: YES Bank says that the selection process for MD and CEO is on track, and recent resignations of board members bear no impact.

November 27, 2018: Rating agency Moody’s downgrades the lender’s rating, saying the resignations from the bank’s board raise concerns over corporate governance.

November 28, 2018: Media reports say Kapoor’s investment vehicles' transactions could be questioned by investors and regulators; YES Bank denies involvement with the fund management of these investment vehicles.

March 1, 2019: Ravneet Gill takes charge as YES Bank MD and CEO. The bank's shares gain nearly 3 percent on the back of new appointment.

April 1, 2019: Reports emerge about the bank coming under Sebi probe over potential insider trading violations. Reports also emerge about possible revamp of the top management under the new CEO.

April 26, 2019: YES Bank posts a net loss of Rs 1,506.6 crore in the fourth quarter. The aggregate outstanding funded exposure of bank stands at Rs 2,528 crore at the end of the fiscal year, of which Rs 2,442 crore is classified as NPA.

June 3, 2019: Reports emerge that YES Bank is in discussions with private equity firms Advent International and Apax Partners to raise as much as Rs 3,000 crore.

July 18, 2019: YES Bank shares slump 19 percent after first-quarter profit plunges. The shares fall further after reports emerge about Rana Kapoor's pledging of the entire stake in the bank.

August 23, 2019: Reports emerge about the bank being in the talks with some private equity (PE) companies to raise about Rs 9,000 crore ($1.2 billion).

September 21, 2019: Rana Kapoor sells 2.75 percent stake in YES Bank through the open market, reduces equity to 6.89 percent.

November 1, 2019: Reports of YES Bank getting a binding offer of $1.2 billion from Hong Kong's SPGP Holdings emerge.

November 3, 2019: DBS denies reports of YES Bank acquisition after the latter claims in the exchange filing that it received strong interest from multiple foreign, as well as, domestic private equity and strategic investors.

November 14, 2019: YES Bank’s auditor BSR & Co seeks fresh audit after complaints were leveled by a whistleblower about irregularities in the bank and conflict of interests in relation to founder Rana Kapoor.

November 30, 2019: SPGP Holdings, backed by Canada-based Erwin Braich, offers a $1.2 billion deal to YES Bank.

December 17, 2019: Concerns emerge about the future of the bank with experts pointing towards merging the lender with a much-established bank. Experts point towards Kotak Mahindra Bank as the likely option.

January 13, 2020: YES Bank announced that it will not proceed with the $1.2 billion offer by Canada-based Erwin Braich. It also further scales down its fundraising plans.

March 5, 2020: The government has approved a plan for State Bank of India to form a consortium that will buy a stake in the debt-ridden private bank, reports Bloomberg.

First Published:Mar 5, 2020 5:09 PM IST