INR 258 crore received from a trust in Security Receipts Portfolio linked to NPA sale to JC Flower ARC
Yes Bank has received INR 258 crores from a trust in its Security Receipts Portfolio.
- Amount Received
- INR 258 crores
- Source
- Security Receipts Portfolio trust related to NPA sale to J. C. Flower ARC
- Original Disclosure Date
- December 17, 2022
- Recovery Type
- Amount received in excess of underlying carrying value of the trust
What was announced
Yes Bank has informed the stock exchanges that it has received an amount of INR 258 crores from a trust in the Security Receipts Portfolio.
The background
- In December 2022, the Bank sold a portfolio of non-performing assets (bad loans) to J. C. Flower Asset Reconstruction Private Limited (JC Flower ARC), disclosed on December 17, 2022.
- In such transactions, the loans move into trusts managed by the asset reconstruction company, and the selling bank holds Security Receipts against them.
- As the underlying loans are recovered, cash flows back to the holder of the security receipts.
Why it is being disclosed
The Bank has stated that the fund received in the trust is in excess of the underlying carrying value of the trust, and is more than the materiality threshold prescribed under the amended Listing Regulations. That is why the event is being disclosed under Regulation 30.
How investors may read it
Recoveries from a previously sold bad loan portfolio are generally seen as a sign of progress on legacy stressed assets. The receipt being above the carrying value of the trust is the reason it met the materiality test for disclosure.
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More numbers
- Amount received from a trust in Security Receipts PortfolioINR 258 crores
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