Yes Bank on Saturday said the bank has acquired 2.4 crore additional shares of J C Flowers Asset Reconstruction (JC Flowers ARC), taking its stake to 9.9 per cent.

Shares of JC Flowers ARC were transferred from JCF ARC LLC to the bank on October 27, Yes Bank said in a regulatory filing.

“On November 28, 2022, the bank had acquired 9.9 per cent of the equity share capital of JC Flowers ARC. Because of certain corporate actions in JC Flowers ARC, the bank’s stake had reduced to 5.01 per cent from 9.9 per cent,” it said. However, following the share subscription and purchase agreement, the lender has now bought additional shares in JC Flowers ARC to reinstate the bank’s stake to 9.9 per cent.

The bank acquired 24,643,558 equity shares of JC Flowers ARC at Rs 29.68 per equity share, having a face value of Rs 10 at a premium of Rs 19.68 per unit for an amount aggregating to Rs 731,420,804.

JC Flowers ARC is a company incorporated on May 6, 2015, under the Companies Act, 1956 and existing under the Companies Act, 2013, and registered as an asset reconstruction company under section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.