Asset reconstruction company on cards, private lender YES Bank invites expression of interest; stock surges 1.5%
The private lender YES Bank has proposed to set up an asset reconstruction company (ARC) and invited interest from prospective investors to be a part of the company as the lead investor.
The private lender YES Bank has proposed to set up an asset reconstruction company (ARC) and invited interest from prospective investors to be a part of the company as the lead investor.
The prospective investor should have a strong financial capability and should have substantial experience in the distressed asset space, Ernst & Young (EY) said in an expression of interest (EOI) floated on behalf of Yes Bank.
See Zee Business Live TV Streaming Below:
"The prospective investor would be the lead partner/sponsor of the ARC, with the bank as the other significant partner/sponsor, for conducting the business of asset reconstruction," as per the EOI.
EY is the process advisor to Yes Bank for floating the ARC.
The bank said the interested investor(s) or their sponsors should have a minimum asset under management (AUM) and fund deployed, globally, of at least USD 5 billion (over Rs 37,186 crore) in the immediately preceding completed financial year.
The interested investors can submit their EOIs by 5 pm on August 31, 2021, by sending an email to projectmodak@in.Ey.Com.
Foreign institutional investors, foreign portfolio investors, private equity, venture capital funds, FIIs, NBFCs, asset management companies, banks and ARCs can take part to be a lead sponsor of Yes Bank's proposed asset reconstruction company.
The stock on Thursday grew around 1.5 per cent to Rs 12.15 per share, a day’s high level, on the BSE intraday trade today. The stock at around 10:45 am is trading flat at same levels that it ended yesterday, as against 0.27 per cent rise in the S&P BSE Sensex.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
11:19 AM IST