Current Affairs   »   Banking Current Affairs 2023   »   YES Bank Acquired 9.9 per cent...

YES Bank Acquired 9.9 per cent stake in JC Flower ARC

Yes Bank has signed a 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 on 28th November 2022. A subsequent acquisition of the additional shareholding of 10 percent is subject to requisite regulatory approvals.

Buy Prime Test Series for all Banking, SSC, Insurance & other exam

YES Bank Acquired 9.9 percent stake in JC Flower ARC- Key Points

  • Yes Bank’s board has approved the sale of stressed loans worth Rs 48,000 crore to JC Flowers.
  • The bank intends to participate as a minority shareholder in the ARC.
  • It is said that this will be ancillary to the main line of business of the bank.
  • As of 31st March 2022, JC Flowers ARC had Rs 595 crore in assets under management with an annual turnover of Rs 19.9 crore.
  • For the three-month ended 30 September 2022, the net profit of Yes Bank dropped by 32.2 percent year-on-year to Rs 152.8 crore.
  • Total income during Q2 FY23, was higher at Rs 6,394.11 crore as against Rs 5,430.30 crore in the same period a year ago.
  • Gross non-performing assets came down to 12.89 percent of gross advances as against 14.97 percent in the year-ago period.

Find More News Related to Banking

 

YES Bank Acquired 9.9 per cent stake in JC Flower ARC_50.1

 

YES Bank Acquired 9.9 per cent stake in JC Flower ARC_60.1

Thank You, Your details have been submitted we will get back to you.

Leave a comment

Your email address will not be published. Required fields are marked *