Stressed loans. YES Bank transfers invoked shares of Dish TV, six other companies to JC Flowers ARC

YES Bank has transferred invoked shares of seven companies held by it, including Dish TV, to JC Flowers ARC under the arrangements to sell stressed loans worth ₹48,000 crore.

The private sector lender had, last week, said that it has completed the sale and transfer of the stressed loans to the asset reconstruction company, in which it holds 9.99 per cent stake.

YES Bank said it has transferred 44.5 crore shares of Dish TV India, accounting for 24.2 per cent of the total share capital of the company. The shares were held against loans given to Essel group companies, in respect of which default is subsisting and pledge on the company’s shares was invoked, it said in an exchange filing.

Further, 1.6 crores invoked equity shares, representing 0.85 per cent of Dish TV, held by IDBI Trusteeship on behalf of the bank will continue to be held with IDBI Trustee on behalf of the ARC, it said in an exchange filing.

Other transfers under the NPA sale arrangement were 40 crore invoked shares of Vadraj Cement representing a 20 per cent stake, 9.5 lakh shares of Tulip Star Hotels worth 20.6 per cent share capital, and 12.7 crore shares of Rosa Power Supply worth 30 per cent stake.

It also transferred 45.5 lakh shares or 14.1 per cent stake held in Dion Global Solutions, 14.0 lakh shares or 7.2 per cent stake held in Asian Hotels (North) Limited, and 10.1 lakh shares or 30 per cent stake held in Avantha Realty Limited, the bank said in separate exchange filings.

“Pursuant to the assignment, YES Bank, either individually or together with persons acting in concert will not hold any shares in all of the companies,” the bank said.

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