Yes Bank seeks to partner with ARC

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Yes Bank seeks to partner with ARC

Yes Bank wants to partner with ARC, a speculative asset reconstruction company, ARC, according to a media report on Saturday.

According to the exchanges, The Bank would like to clarify that certain news articles reported by media about the Bank seeking Rs 12,000 crore from potential investors, to partner in the ARC is speculative and has no bonafide reference. The bank, which is in the process of selecting a partner for its ARC to transfer a portion of its non-performing assets, is looking to raise Rs 12,000 crore from investors, according to sources.

It has initiated a process for partner selection for ARC by calling it a Public Expression of Interest. The process is currently underway, and there is no specific decision in this regard, which is material and needs to be disclosed. The bank's board approved raising up to 10,000 crore by issue of equity shares depository receipts convertible bonds debentures warrants any other equity linked securities, subject to the approval of shareholders and regulators.

On Friday, the bank's shares closed 0.72 per cent higher at Rs 14.06 on the BSE.