New Delhi, July 15: Yes Bank has selected JC Flowers ARC as partner to form an asset reconstruction company to sell bad loans of the bank valuing Rs 48,000 crore.
The lender said it has signed a binding term sheet with JCF ARC LLC and JC Flowers Asset Reconstruction Pvt Ltd (JF Flowers ARC) for strategic partnership in relation to sale of identified stressed loans of the bank.
Having subsequently fulfilled the requisite pre-conditions, the term sheet has become effective from July 15, 2022, Yes Bank said in a regulatory filing on Friday.
“Accordingly, the bank has decided that 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,” it said.
As per Reserve Bank of India guidelines, Yes Bank said it proposes to run a transparent bidding process on Swiss Challenge basis for sale of such portfolio using JC Flowers ARC’s bid as the base bid. (PTI)
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