YES BANK has approved the declaration of JC Flowers ARC as the winner of the Swiss Challenge process, according to media reports.
The Swiss Challenge process is done to invite challenger bids for the sale of stressed assets.
For the Rs 48,000 crore NPA portfolio, Yes Bank had received no challenger bids to JC Flowers' base bid.
As per an announcement made on September 20, Yes Bank's board has approved the sale of $6 billion (about Rs 48,000 crore) stressed debt to private equity firm JC Flowers after no challenger bids were received.
Consequently, JC Flowers ARC was declared the winner.
“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 bank said in a filing to stock exchanges.
Besides winner declaration, the Board also okayed the necessary investment for the acquisition of up to 19.99 per cent equity stake in JC Flowers ARC by the Bank. The acquisition will be done in single or multiple tranches. This will be subject to required regulatory approvals.
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