Two private equity firms (Cerberus Capital and JC Flowers & Company) have submitted binding bids to acquire a stake in Yes Bank’s proposed asset reconstruction company (ARC), two people aware of the development told CNBC-TV18.
Yes Bank had received EOIs from over a dozen players for its proposed ARC last year. Brookfield Asset Management, Ares SSG, Oaktree Capital Management, JC Flower, Vardhe Capital, CarVal Investors, Avenue Asia Group, Bain Capital’s India Resurgent Fund, Cerberus Capital, Apollo Global Management, Rohatyn Group and Silver Point Capital were among the players who had submitted EOIs. Four of these were subsequently shortlisted by the bank. Yes Bank has appointed Ernst & Young as the process adviser.
The bank, while inviting EOIs for its ARC earlier, had stipulated that an investor should have minimum assets under management and funds deployed globally of at least $ 5 billion.
Read more: CNBCTV
