- September 20, 2022
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- Category: Uncategorized
Yes Bank on Tuesday said its board has approved the sale of stressed assets worth around Rs 48,000 crore to JC Flowers ARC, which has turned out to be the sole bidder for the portfolio.
The US-based asset reconstruction company (ARC) had in July this year emerged as the base bidder for the proposed sale of the identified stressed loan book of Yes Bank aggregating up to Rs 48,000 crore.
As per Reserve Bank of India (RBI) guidelines on transparent bidding process, the private sector lender had conducted a Swiss challenge for inviting challenger bids.
The Swiss challenge process has now concluded and the bank has not received any challenger bids to the base bid, Yes Bank said in a regulatory filing.
“The board of directors of the bank, at their meeting held on September 20, 2022, has approved the declaration of JC Flowers ARC as the winner of the Swiss Challenge process,” the bank said.
As per the binding term sheet between the bank, JCF ARC LLC and JC Flowers for sale of the identif