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YES BANK recovers INR 184 Crores pursuant to acquisition of Bhushan Steel Limited by Tata Steel Limited

Mumbai, May 23, 2018: YES BANK has recovered an amount of INR 184 Crores, against an original claim filed for INR 325 Crores, pursuant to the sale of Bhushan Steel Limited to Tata Steel Limited under the recently concluded NCLT / Insolvency and Bankruptcy Code (IBC) proceedings.

The details of the recoveries are as follows

Description

Amount (INR)

Recoveries from sale of Bhushan Steel to Tata Steel

184 Crores

Earlier Recoveries through sale of pledged shares

32 Crores

Total Recoveries (against claims of 325 Crores)

216 Crores (66%)

Write Back of Provisions consequent to the above recoveries (against total provisions held in this account as on March 31,2018)

36 Crores

 

With this recovery, the Bank now has an exposure to only ONE account, aggregating to only INR 23.4 Crores (with 50% provision) as on March 31, 2018, from Borrowers referenced in the List 1 of the RBI IBC NCLT Process.

About YES BANK

YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.

For more information, please visit the Bank’s website at http://www.yesbank.in/

For media queries, please contact:

YES BANK Limited
Jitesh Patel
Email: jitesh.patel@yesbank.in

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