Yes Bank said that it has signed a binding term sheet with JCF ARC LLC and JC Flowers Asset Reconstruction for strategic partnership in relation to sale of identified stressed loans of the bank.
"The said term sheet has now become effective as on July 15, 2022, the private sector bank said in a statement.
Accordingly, the bank has decided that the JC Flowers ARC will be base bidder for a proposed sale of an identified stressed loan portfolio of the bank aggregating to up to Rs 48,000 crore.
In accordance with the guidelines issued by the Reserve Bank of India, the bank proposes to run a transparent bidding process on Swiss Challenge basis for the sale of such portfolio using the JC Flowers ARC's bid as the base bid.
Yes Bank is a full-service commercial bank providing a complete range of products, services and technology-driven digital offerings, catering to corporate, MSME & retail customers.
Also Read
The bank reported net profit of Rs 367.46 crore in Q4 FY22 as against net loss of Rs 3,787.75 crore reported in Q4 FY21. The private bank's total income rose 21.3% to Rs 5,829.22 crore in Q4 FY22 over Q4 FY21.
The scrip shed 0.83% to currently trade at Rs 13.19 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
