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Carlyle, Advent buy 9.99% stake in Yes Bank, to pump in about Rs 8,896 cr

Yes Bank on Tuesday said private equity majors Carlyle Group and Advent have picked up 9.99 per cent stake in the bank.

The two private equity (PE) funds together would pump in about Rs 8,896 crore in Yes Bank with full conversion of warrants into equity.

The bank has allotted a total of 369.61 crore shares of face value Rs 2 each and 255.97 share warrants convertible into equity shares of face value Rs 2 each on a preferential basis to CA Basque Investments, a Carlyle Group entity, and Verventa Holdings Limited, an Advent group entity, Yes Bank said in a regulatory filing.

Adani Transmission incorporates wholly-owned subsidiary Adani Cooling Sol

Adani Transmission on Tuesday said it has incorporated a wholly-owned subsidiary Adani Cooling Solutions Ltd.

According to a regulatory filing, the subsidiary was incorporated on Monday with an initial authorised and paid up share capital of Rs 1,00,000 each, for the purpose of carrying on District Cooling System business.

The entity will commence its business operations in due course, it added

IL&FS resolves Rs 56,943 cr debt as of Sept, addresses 93% of target

Infrastructure Leasing & Financial Services (IL&FS) had resolved debt worth Rs 56,943 crore as of September 2022, the infra lender that collapsed in 2018 has told the National Company Law Appellate Tribunal (NCLAT) in an affidavit.

The amount addressed is almost 93 per cent of the total estimated debt that the firm has said it will resolve. IL&FS has to resolve a debt of Rs 61,000 crore from an outstanding amount of Rs 99,355 crore as of October 2018.

In a previous affidavit, the firm had said it had resolved a debt of Rs 55,000 crore by March 2022.

CoC raises base price of Reliance Capital auction to Rs 6,500 crore

The committee of creditors (CoC) of Reliance Capital (RCap) has increased the base price for the e-auction of the company to Rs 6,500 crore, thus upsetting the calculations of potential bidders.

In the CoC meeting held on Tuesday, the base price was raised to Rs 6,500 crore, taking into account the high valuation of its two profit-making insurance assets, said a source close to the development. According to the earlier proposal, the base bid value was estimated at Rs 5,231 crore — the offer by Cosmea Financial Holding and Piramal consortium.

According to the new rules, the bidders in the first and second rounds will have to increase the bid value by at least Rs 1,000 crore each. This means the first bid has to be a minimum of Rs 7,500 crore and the second Rs 8,500 crore. Subsequently, in the third and fourth rounds, the bid amount has to go up by Rs 500 crore and Rs 250 crore, respectively.

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