 "YES Bank")
Asset Reconstruction Company (India) Ltd (Arcil) & Cerberus Capital, which was planning to challenge JC Flower’s Rs 11,183-crore bid for YES Bank non-performing asset (NPA) portfolio under Swiss Challenge method, has decided not to submit bids, sources aware of the development said. This could pave the way for JC Flower to buy the private lender’s bad loans.
The NPA sale of Rs 48,000 crore was key for the bank to clean up the books of YES Bank and would reduce its gross non-performing loans significantly. The bank’s gross NPA, as a percentage of gross advances, was 13.4 per cent as on June 30. Of the Rs 11,183 crore, YES Bank will get 15 per cent as cash for the NPA sale,
