Yes Bank to Acquire Additional 10% Stake in JC Flowers ARC: Details

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Yes Bank to Acquire Additional 10% Stake in JC Flowers ARC: Details

By Malvika Gurung

Investing.com -- The private sector lender Yes Bank (NS: YESB ) has entered into a share subscription and purchase agreement with J.C. Flowers Asset Reconstruction, along with a  shareholders’ agreement with JCF ARC, JC Flowers ARC and Emso Asset Management on Monday.

The bank is also looking to acquire a stake capital of up to 19.9% of JC Flowers ARC, subject to requisite regulatory approvals, stated the Mumbai-based private lender to the domestic bourses.

According to the exchange filing, Yes Bank looks forward to participating as a minority shareholder in JC Flowers ARC, in partnership with JC Flowers so that it participates in the business of asset reconstruction.

The bank has already acquired a 9.9% stake in JC Flowers ARC or a total of 1,23,70,050 equity shares at Rs 11.43 apiece, and the acquisition of an additional 10% shareholding will follow after receiving the necessary approvals from RBI.

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