12 entities express interest in Yes Bank’s ARC proposal
- ByAyushi Ray | September 2, 2021
12 entities express interest in Yes Bank’s ARC proposal. Some of the private equity firms who have shown interest include Brookfield Asset Management, Ares SSG, Oaktree Capital Management, JC Flower, Vardhe Capital, CarVal Investors, Avenue Asia Group, Bain Capital’s India Resurgent Fund, Apollo Global Management, Rohatyn Group and Silver Point Capital. The bank will now shortlist potential investors after discussions with the interested PE firms, one of the two people said, adding that the shortlisted investors will then be asked to submit initial bids. The bank will look at the compatibility of the partnership. It hopes to complete the entire exercise by the end of October.
Last month, Yes Bank invited expressions of interest to set up the asset reconstruction company (ARC). It has hired EY as the process adviser. The bank had stipulated that an investor should have minimum assets under management and funds deployed globally of at least $5 billion. The current set of ARCs is neither well-capitalized nor do they have the capability to handle a large pool of bad loans. The bank is not looking to transfer individual assets; instead, it will transfer the entire asset pool. Banks will follow a transparent bidding process once the new ARC is set up. This is the second attempt by Yes Bank to set up an ARC.
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