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Yes Bank has transferred invoked shares of seven companies, including Dish TV, Asian Hotels (North) and Avantha Realty, to JC Flowers Asset Reconstruction, which has been assigned to recover debt worth over Rs 48,000 crore of the private sector lender.
The invoked equity shares held by Yes Bank aggregating to 44,53,48,990, representing 24.19 per cent of the total share capital of Dish TV India, have now been transferred to JC Flowers Asset Reconstruction Pvt Ltd, the lender said in a regulatory filing on Thursday.
The transfer of invoked shares is pursuant to assignment of loans sanctioned by the bank to Essel group companies (in respect of which default is subsisting and pledge on company’s shares was invoked by Yes Bank), it added.
Besides, it has transferred 14,02,991 shares, representing 7.21 per cent of the total share capital of Asian Hotels (North) to the asset reconstruction company (ARC), the bank said in a separate filing.
In the case of Avantha Realty, Yes Bank said it has transferred invoked equity shares aggregating to 10,08,598 (representing 30 per cent of the total share capital of the company) to JC Flowers.
Likewise, in separate filings, the lender said it has transferred 40,00,00,000 shares (20 per cent of share capital) of Vadraj Cement to the asset reconstruction company; 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 to JC Flowers.
Yes Bank said post the transfer of the invoked shares of these companies to JC Flowers, it “either individually or together with persons acting in concert, will not hold any shares” of these firms.
Last week, the bank had concluded the assignment of its Rs 48,000-crore stressed asset loan portfolio to JC Flowers.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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