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Yes Bank acquires 9.9% stake in JC Flowers ARC

After transfer of bad loans to the ARC, bank's top boss Prashant Kumar believes the GNPA ratio can fall to under two percent

November 29, 2022 / 09:26 AM IST
 
 
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Yes Bank has inked the share purchase agreement (SPA) with JC Flowers Asset Reconstruction Company (ARC), acquiring a 9.9 percent stake in the ARC at Rs 11.43 per share, the private sector lender informed bourses after market hours on November 28.

A subsequent acquisition of additional shareholding of 10 percent is subject to requisite regulatory approvals, the bank said.

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On September 20, Yes Bank's board had approved the sale of stressed loans worth Rs 48,000 crore to JC Flowers, after receiving no other challenger bids.