Introduction:
Yes Bank Share Price | Yes Bank stock trading with strong gains in Monday session
Yes Bank Share Price | Yes Bank stock was trading with strong gains in Monday trading session. Today, however, the stock is seeing slight selling pressure. On Monday, Yes Bank stock was trading at its 7-month high of Rs 19, up 10 percent. However, the Yes Bank stock rose 7.49 percent to close at Rs 18.65 as selling pressure increased later.
Stock performance:
Yes Bank shares were trading up 3 percent on Friday, September 1. So today, Wednesday, September 6, 2023, Yes Bank stock closed at Rs 18.00 with a decline of 0.83 percent.
Resolution of financial case:
A few days ago, it was reported that the financial case between Yes Bank and Subhash Chandra in Essel Group, which has been going on for two years, will end. JC Flowers Asset Reconstruction Company has announced an agreement with Subhash Chandra’s Essel Group regarding outstanding loans of Rs 6,500 crore. JC Flowers Asset Reconstruction Company is an associate company of Yes Bank Asset Reconstruction Company.
Loan settlement terms:
As per the agreement, JC Flowers firm has agreed to cut off 75 percent of the outstanding loan amount. That is, now Access Group will have to deposit 25 percent i.e. 1,500 crore rupees instead of 6,500 crore rupees towards the outstanding loan. The properties seized by Subhash Chandra for outstanding loans include Dish, Zee-Learn and a bungalow in Delhi.
According to media reports, as per the terms of the loan settlement, Subhash Chandra has to make a 15 percent payment within the first 30 days. The remaining 85 percent has been allowed to be paid in phases over the next 6 months. The JC Flowers ARC firm had earlier bought NPAs from Yes Bank at discounted rates.
Previous deals and stock performance:
As per the December 2022 deal, JC Flowers ARC firm had bought Yes Bank’s NPAs worth Rs 48,000 crore for Rs 11,183 crore. Yes Bank stock price has strengthened by 10.36 percent in the last one month. Yes Bank stock price has weakened by 13.86 percent on YTD basis. Yes Bank stock has earned a return of 7.46 percent to its investors in the last one year.
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