20 March 2024 – On Wednesday, traders will be watching shares of YES Bank Ltd. closely after the private lender liquidated its exposure to stressed loans to an asset reconstruction company. The business disclosed the same information through an exchange filing on Tuesday after market hours.
According to the lender’s exchange filing, YES Bank invited expressions of interest for the sale of identified stressed loan exposures through auction under the Swiss challenge method through a newspaper publication dated January 20, 2024. The Bank is conducting this business in compliance with the guidelines set forth in the Reserve Bank of India’s Master Direction on Transfer of Loan Exposures, 2021.
“Subsequent to the same, YES Bank has concluded the transfer of the Bank’s exposure in Katerra India Private Limited to Prudent ARC Limited, an asset reconstruction company, and has received cash consideration of Rs 203.40 crore in relation to the same,” the filing stated.
Conclusion
Tuesday’s closing price for YES Bank shares was Rs 22.97, a decrease of around 2% for the day. Overall, the market valuation is somewhat higher than Rs 66,000 crore. The lender’s 52-week high of Rs 32.81, reached on February 9, 2024, has dropped by thirty percent.
