Yes Bank issues clarification on media reports on ARC stake sale

14 Jul 2022 , 09:55 AM

Yes Bank Limited issued a clarification to the exchanges on Wednesday, denying media reports that the Reserve Bank of India (RBI) had given the bank in-principle approval to hold a 20% stake in an asset reconstruction company (ARC).

The reports have been labeled speculative by the private lender. It stated that the earlier news agency reports contained no genuine references.

The bank stated that, as previously stated, it had begun the process of selecting a partner for an ARC by soliciting public expressions of interest.

“At the moment, the company is under the process, and there is no binding/effective decision in this regard. We will keep the Exchange(s) informed of all material developments as needed,” the release stated.

According to a BQPrime news report on Tuesday, the RBI has given the bank an in-principle approval to acquire a 20% stake in JC Flowers & Co’s ARC.

At around 9.58 AM, Yes Bank was trading at Rs13.40 up by Rs0.16 or 1.21% from its previous closing of Rs13.24 on the BSE.