 "YES Bank")
Private lender Yes Bank said on Tuesday that its board has approved the sale of stressed loans worth Rs 48,000 crore to JC Flowers Asset Reconstruction after receiving no bids to challenge that made by the private equity company.
Consequently, Yes Bank’s board of directors has approved JC Flowers’ declaration as the winner of the Swiss Challenge method that was used for the sale of the stressed assets.
“Pursuant to the earlier decision of the Bank to declare JC Flowers Asset Reconstruction Private Limited as the base bidder for proposed sale of an identified stressed loan portfolio of the Bank
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