Yes Bank Transfers Invoked Shares Of Dish TV, Six Other Firms To JC Flowers ARC
On Dec. 17, Yes Bank had assigned JC Flowers ARC to recover identified stressed assets worth Rs 48,000 crore.
Yes Bank Ltd. transferred invoked equity shares of seven companies to JC Flowers Asset Reconstruction Pvt.
The companies covered in this stressed asset sale include Dish TV India Ltd., Vadraj Cement Ltd., Rosa Power Supply Ltd. and others, according to separate exchange filings by the lender on Thursday.
On Dec. 17, Yes Bank had assigned JC Flowers ARC to recover identified stressed assets worth Rs 48,000 crore, as on March 31, 2022, under the 15:85 structure.
Under the NPA sale, Yes Bank transferred 44.54 crore shares of Dish TV India, representing 24.19% of the company's overall shareholding, to JC Flowers ARC, the bank said in a filing
IDBI Trusteeship Services Ltd. will now hold 1.57 crore invoked shares, representing 0.85% share of Dish TV India, as security trustee acting for the benefit of the ARC instead of the bank, Yes Bank said in its statement.
The bank also transferred 46.56 lakh shares (14.45% stake) of Dion Global Solutions Ltd. to JC Flowers ARC. Of this, 1.1 lakh shares (0.34%) were sold on Nov. 26, 2018, and the remaining 45.46 lakh shares (14.11%) were transferred today.
The bank transferred 40 crore shares (20%) of Vadraj Cement Ltd., 12.73 crore shares (29.97%) of Rosa Power Supply Co., and 14.03 lakh shares (7.21%) of Asian Hotels (North) Ltd.
It also offloaded 10.09 lakh identified shares (30%) of Avantha Realty, and 9.5 lakh shares (20.61%) of Tulip Star to JC Flowers ARC.
After the transfer of shares, Yes Bank "either individually or together with persons acting in concert, will not hold any shares" of these companies, it said.
