New Delhi, Oct 28 (PTI) 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.

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"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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)