NEWS
Yes Bank acquires 9.9% stake in JC Flowers ARC
Acquisition of 12,370,050 equity shares is at Rs 11.43 per share; Yes Bank plans to acquire additional 10% stake in JC Flowers ARC.
Acquisition of 12,370,050 equity shares is at Rs 11.43 per share; Yes Bank plans to acquire additional 10% stake in JC Flowers ARC.
Yes Bank has acquired a 9.9% stake in JC Flowers Asset Reconstruction Company (ARC) at Rs 11.43 per share.
The private sector lender has plans to acquire an additional 10% stake and intends to remain a minority shareholder in the ARC.
"This (ARC) will be an ancillary to the main line of business of the bank", the lender said in a regulatory filing.
The 9.9% stake represented 12,370,050 equity shares in JC Flowers ARC.
Yes Bank and JC Flowers ARC are in the process of individually applying for the requisite approvals from the Reserve Bank of India (RBI).
On 20 September, Yes Bank’s board had approved the sale of stressed loans worth Rs 48,000 crore to JC Flowers.
As of 31 March 2022, JC Flowers ARC had Rs 595 crore in assets under management with a turnover of Rs 19.9 crore.
