The Competition Commission of India (CCI) has approved the proposed stake acquisitions by CA Basque Investments and Verventa Holdings in troubled lender Yes Bank.
Under the proposed INR89bn ($1.07bn) deal, CA Basque and Verventa, an affiliate of Advent International-managed funds, have agreed to acquire 10% stakes each in Yes Bank.
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CA Basque and Verventa will purchase equity securities amounting to up to 10% of the total paid up share capital and voting rights of Yes Bank.
A newly formed special purpose vehicle incorporated in the Republic of Mauritius, CA Basque Investments is fully owned by CA Marans Investments which is in turn controlled by the funds managed by the affiliates of Carlyle Group.
Investment holding entity, CA Basque holds no business activities in India.
Yes Bank, which has a wholly-owned subsidiary YES Securities (India) Limited (YSIL), provides wide range of banking and financial services.
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By GlobalDataThe publicly held company serves customers in retail, Micro, Small & Medium Enterprise as well as corporate clients.
Recently, Reuters reported that Yes Bank is likely to decide on the sale of its stressed assets worth $6bn (INR480bn) and approve private equity firm J.C. Flowers as the distressed loan portfolio buyer. Earlier this year, Yes Bank said it was raising INR89bn ($1.07bn) in equity capital from funds affiliated with two private equity investors – Advent International and Carlyle.
