YES Bank Ltd has received two Expressions of Interest (EoI) for buying its block of stressed assets worth Rs 48,000 crore. MD & CEO Prashant Kumar said that both of the entities were from the set of 13 bidders that had participated in the initial bidding process to acquire the bank’s stressed assets.
The two entities are reported to be ARCION Asset Reconstruction Company (ARC) and Asset Reconstruction Company of India Ltd (ARCIL). ARCION ARC is in the process of being acquired by Cerberus Capital Management — one of the initial bidders for the assets.
Saturday was the last day for submitting the EoI and we received two bids for the EoI. Now they will be going through a process of submitting a bid bond worth Rs 175 crore, where the time is available till next one week.
“The interested entities will now begin the due diligence process by “around the first week of August” following which they will submit the financial bids. By the end of August, we would be in a position to declare the final winner,” Kumar added. The proposed asset sale will help clean-up the private lender’s asset quality, bringing down its gross NPA ratio to below 2 percent from 13.4 percent as of June.
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