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YES Bank recovers Rs 1.84 bn, or 66% of original claim, from Bhushan Steel

Tata Steel had won the bid to acquire debt-laden Bhushan Steel in an insolvency auction

Press Trust of India  |  New Delhi 

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has recovered 66 per cent of the original claim filed for Rs 3.25 billion after the sale of to Tata Steel under the resolution process.

"has recovered an amount of Rs 1.84 billion against an original claim filed for Rs 3.25 billion pursuant to the sale of to under the recently concluded NCLT/and Code (IBC) proceedings," said in a BSE filing.

Yes Bank said with this recovery, it now has an exposure to only one account, aggregating to only Rs 234 million (with 50 per cent provision) as on March 31, 2018, from borrowers referenced in the first list of the RBI IBC NCLT process.

Earlier, it had recovered Rs 320 million through sale of pledged shares. Total recoveries (against claims of Rs 3.25 billion) is Rs 216 crore (66 per cent), it said.

Yes Bank said write back of provisions consequent to the above recoveries were Rs 360 million.

In June last year, RBI's internal advisory committee (IAC) identified 12 accounts, each having more than Rs 50 billion of outstanding loans and accounting for 25 per cent of total NPAs of banks.

Tata Steel had won the bid to acquire debt-laden in an auction.

Shares of Yes Bank were trading 0.25 per cent lower at Rs 333.85 apiece on BSE.

First Published: Wed, May 23 2018. 14:40 IST