Yes, the bank has completed a bank loan payment of Rs 48,000 crore for the restructuring of JC Flowers’s assets, The bank previously announced that JC Flowers Asset Reconstruction Private Limited (JC Flowers ARC) had won the Suisse challenge to sell distressed assets, The bank, after modifying the repayments between 1 April 2022 and 31 March 2022, obtained a combined bank loan of up to Rs 48 billion on that day. and 30 November 2022. .” yes. This is stated in the bank message on Saturday.
Yes, the bank has loaned JC Flowers ARC Rs 48,000 crore.
Yes, Bank on Monday announced the completion of the transfer of its bad loan portfolio of Rs 48,000 crore to JC Flowers Asset Reconstruction (JC Flowers ARC). To date, this is the largest sale of distressed assets in the country’s banking system. After this transaction, Yes Bank will be asked to accept the refund in addition to the current payment.
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As of March 31, 2022, JC Flowers ARC has completed the outstanding principal distribution (later adjusted for recovery) of Rs 48,000 crore to the reduced assets, the bank said.
The bank believes that JC Flowers Ark has disclosed the true potential value of the assets transferred under the sale and purchase transactions.
“Yes Bank is reopening,” said Prashant Kumar, Managing Director, and CEO of Yes Bank.
Kumar added that the deal will further strengthen the company’s balance sheet and allow the bank to fully focus on growth and profitability as strategic priorities going forward.
The CEO of Yes Bank also believes that the JC Flowers ARC platform will serve as a model for other Indian financial institutions to attract the attention of global investors to the credit distressed market.
According to the notice, as part of JC Flowers Bank’s competitive bidding process, ARC submitted a binding offer of Sh11,183 per building (15% cash, 85% deposit) at 3.85pm to determine the subject pool. He determined the bank’s non-performing assets as of March 31, 2022.
Then, to maximize value, Yes Bank implements a transparent transaction process based on the Swiss Challenge methodology, in line with RBI’s core credit risk transfer guidelines. The process was guided by JC Flowers’ proposal called the “Substantial Proposal”.
Furthermore, in a meeting held on September 20, the management of Yes Bank decided to announce JC Flowers ARC as the winner of the Swiss Challenge process.
Specifically, Yes has appointed Ernst & Young (EY) as exclusive settlement and litigation counsel and Cyril Amarkhand Mangaldas as litigation counsel.
In addition, Yes Bank recently completed the second-largest private equity transaction in the banking industry in over 20 years. As part of the deal, Yes Bank has allotted shares and warrants worth Rs 8,887 crore to two of the world’s largest private equity investors, Carlyle and Advent International, at no cost. The share capital is paid after issuance.
Yes, the bank grew over 4% after selling its bad debts to JC Flowers ARC
A 0.94% stake in private lender Yes Bank NSE rose more than 4% to Rs 22.10 in intraday trading on Monday as the bank completed the transfer of an identified distressed loan portfolio to an asset restructuring company.JC Flowers.
The bank previously announced JC Flowers ARC as the winner of the Swiss Challenge to sell a portfolio of distressed assets.
The Bank would now permit Identified Bad Loans of the Bank up to Rs. Portfolio allocation completed, Yes Bank notified the ESB in a statement on 30 November 2022.
As of 09:57 am, the stock is trading at Rs 21.5 per share, up 1% from the previous day’s closing price of Rs 21.2. The stock is up nearly 30% over the past month, compared to about 73% over the past six months.
According to Trendline, the stock has a maximum target price of Rs.20.5 and an average target price of Rs.14.6, down 33% from the current market price.
Of the 13 equity analysts, 5 have hold and sell ratings, and 8 have sell and strong sell ratings.
Global brokerage Morgan Stanley also started hedging Yes Bank’s shares last week with its price target of Rs 20.5 per share, down 5% from the current market price.
“As macroeconomic conditions continue to improve, we anticipate that you will greatly outperform F25 by 1%, helped by better PPoP margins and lower borrowing costs. However, F24 P/BV of 1.6 If it doubles, the stock will be downgraded. It will be difficult to improve ROA above 1%.”Morgan Stanley said:
“Considering the F25 RoE he is at 10%, we feel this fair,” he continued. Our price goal is 1.3 times his P/BV on December 24.
(Disclaimer: Expert recommendations, suggestions, views, and opinions are my own and do not represent the views of The Economic Times)
YES, Bank will charge 4% on completion of the NPA sale of Rs 48,000.
A private lender has completed the sale of Rs 48,000 crore of the bank’s bad debt portfolio to JC Flowers Asset Reconstruction.
Bank Yes shares increased by more than 4% in Monday’s trading. After the private lender completed the £48bn sale of its distressed assets to JC Flowers Asset Reconstruction. YES, Bank recently announced that JC Flowers ARC has won the Swiss Challenge to sell a portfolio of distressed assets.
Following the bank’s earlier decision to announce JC Flowers Asset Reconstruction Private Limited as the winner of the Swiss Challenge by March 31, 2022, the bank will have a certified NPL portfolio of up to 15. Completed £48bn asset sale. YES, Bank said in a statement on December 17 that the repayment will be $85 from April 1, 2022, to November 30, 2022.
Yes, my bank made the wrong transfer to JC Flowers ARC.
Da Bank LLC has completed the transfer of its distressed loan portfolio to JC Flowers Asset Reconstruction Company, the lender said in a statement Saturday.