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Yes Bank approves sale of Rs 48,000 cr stressed loans to JC Flowers ARC

Former RBI Deputy Governor R Gandhi appointed as Yes Bank's non-executive chairman

YES Bank
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Following the signing of the binding term sheet by Yes Bank with JC Flowers ARC LLC and JC Flowers ARC for a strategic partnership related to the sale of the stressed loan portfolio, the lender’s board has also approved the investment need to buy up

Bhaskar Dutta Mumbai
Private lender Yes Bank said on Tuesday that its board has approved the sale of stressed loans worth Rs 48,000 crore to JC Flowers Asset Reconstruction after receiving no bids to challenge that made by the private equity company.

Consequently, Yes Bank’s board of directors has approved JC Flowers’ declaration as the winner of the Swiss Challenge method that was used for the sale of the stressed assets.

“Pursuant to the earlier decision of the Bank to declare JC Flowers Asset Reconstruction Private Limited as the base bidder for proposed sale of an identified stressed loan portfolio of the Bank

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First Published: Sep 20 2022 | 10:11 PM IST

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