Yes Bank acquires additional shares in JC Flowers ARC, raises stake to 9.9%
However, it said, in accordance with share subscription and purchase agreement, the lender has now acquired additional shares in JC Flowers ARC so as to reinstate the bank’s stake to 9.9 per cent
Yes Bank on Saturday said the bank has acquired 2.4 crore additional shares of J C Flowers Asset Reconstruction (JC Flowers ARC), taking its stake to 9.9 per cent.
Shares of JC Flowers ARC were transferred from JCF ARC LLC to the bank on October 27, 2023, Yes Bank said in a regulatory filing.
“On November 28, 2022, the bank had acquired 9.9 per cent of the equity share capital of JC Flowers ARC. Basis certain corporate actions in JC Flowers ARC, bank’s stake had reduced to 5.01 per cent from 9.9 per cent,” it said.
However, it said, in accordance with share subscription and purchase agreement, the lender has now acquired additional shares in JC Flowers ARC so as to reinstate the bank’s stake to 9.9 per cent.
The bank acquired 24,643,558 equity shares of JC Flowers ARC at Rs 29.68 per equity share, having face value of Rs 10 at a premium of Rs 19.68 per unit for an amount aggregating to Rs 731,420,804.
JC Flowers ARC is a company incorporated on May 6, 2015 under the Companies Act, 1956 and existing under the Companies Act, 2013 and registered as an asset reconstruction company pursuant to section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
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First Published: Oct 28 2023 | 7:44 PM IST