YES Bank transfer shares in 7 firms to recover debt of Rs 48,000 cr

YES Bank

YES Bank has transferred all shares in seven firms, including Dish TV, Asian Hotels (North), and Avantha Realty, to JC Flowers Asset Reconstruction, which has been tasked with recovering the private sector lender’s debt of nearly Rs 48,000 crore.

YES Bank’s invoked equity shares totaling 44,53,48,990, or 24.19 per cent of Dish TV India’s total share capital, have now been transferred to JC Flowers Asset Reconstruction Pvt Ltd, the lender said in a regulatory statement on Thursday.

The transfer of invoked shares is in response to the bank’s assignment of loans sanctioned to Essel group firms (in respect of which default exists and a pledge on the company’s shares was invoked by YES Bank), it added.

In addition, the bank said in a separate statement that it had transferred 14,02,991 shares to the asset reconstruction company (ARC), representing 7.21 percent of Asian Hotels (North total)’s share capital.

In the case of Avantha Realty, YES Bank stated that it has transferred to JC Flowers invoked equity shares totaling 10,08,598 (approximately 30% of the company’s total share capital).

Similarly, the lender stated in separate filings that it has transferred to JC Flowers 40,00,00,000 shares (20 per cent of share capital) of Vadraj Cement, 949,930 shares (20.61 per cent) of Tulip Star Hotels, 12,73,21,500 shares (29.97 per cent) of Rosa Power Supply Company Ltd, and 45,46,214 shares (14.11 per cent) of Dion Global Solutions Ltd.

YES Bank stated that after transferring the invoked shares of these companies to JC Flowers, it “either individually or together with persons acting in concert, will not hold any shares” in these companies.

The bank completed the assignment of its Rs 48,000-crore stressed asset loan portfolio to JC Flowers last week.

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