Yes Bank is poised to recuperate approximately fifty percent of its dues from Katerra India by offloading the company’s loans during its corporate insolvency proceedings. According to sources familiar with the situation, Prudent ARC responded to a counter-offer by Asset Reconstruction of India (Arcil) during a Swiss challenge auction organized by Yes Bank on Monday. This development ensures that the private bank will recover at least half of its principal debt.
Reportedly, Prudent ARC had initially submitted a binding offer of ₹165.6 crore for Yes Bank’s outstanding debt of ₹521 crore to Katerra India, as disclosed by ET towards the end of January. Subsequently, Yes Bank conducted a Swiss challenge auction, with Prudent ARC’s bid serving as the anchor offer, granting the ARC the opportunity to match any counter-offer presented by the private lender. Arcil countered with an offer of ₹203.4 crore, which Prudent ARC matched on Monday, as per the aforementioned sources.
The transaction between Prudent ARC and Yes Bank is anticipated to be finalized by the end of this month, as stated by the sources.
