The Swiss Challenge procedure is completed to invite challenger estimates when it comes to sale of stressed possessions.
For the Rs 48,000 crore NPA profile, Yes Bank had gotten no challenger estimates to JC Flowers’ base quote.
As per a statement made on September 20, Yes Bank’s board features authorized the sale of $6 billion (about Rs 48,000 crore) stressed debt to personal equity company JC Flowers after no challenger estimates had been gotten.
Vijge, JC Flowers ARC had been announced the champion.
“The Swiss Challenge process has now concluded and the Bank not having received any Challenger Bids to the Base Bid, the Board of Directors of the Bank, at their Meeting held on September 20, 2022, has approved the declaration of JC Flowers ARC as the winner of the Swiss Challenge process,” the financial institution stated in a filing to stock exchanges.
Besides champion statement, the Board additionally okayed the required financial investment when it comes to purchase of up to 19.99 % equity share in JC Flowers ARC because of the Bank. The purchase will undoubtedly be carried out in solitary or several tranches. This will undoubtedly be topic to needed regulating approvals.