Mumbai, July 15
YES Bank has signed a binding term sheet with JCF ARC LLC and JC Flowers Asset Reconstruction Pvt Ltd for a strategic partnership in relation to sale of identified stressed loans aggregating to Rs 48,000 crore.
In an exchange filing, the private sector bank said the term sheet relating to the strategic partnership has become effective as on July 15, 2022.
“...The bank has decided that the JC Flowers ARC will be base bidder for the proposed sale of an identified stressed loan portfolio of the bank aggregating 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 sale of such portfolio, using JC Flowers’ bid as the base bid,” the filing said.
As at March-end 2022, the bank had total gross non-performing exposure and total gross restructured loans of Rs 36,479 crore (Rs 39,034 ceore as at March-end 2021) and Rs 6,752 crore (Rs 1,244 crore), respectively.