JC Flowers: JC Flowers likely to get Saraswat Bank’s Rs 228-cr stressed loans, no other bidder

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Mumbai: JC Flowers ARC is set to take over ₹228 crore retail and SME accounts from Saraswat Cooperative Bank as no competing bids were received for the asset aggregator‘s ₹37 crore offer at the end of business on Monday, the last day for competing bids, people familiar with the details said.

The 110 accounts the bank had put up for sale in the first week of January include SME accounts and some home loans from individual borrowers. JC Flowers’ offer envisages an 84% haircut for the Mumbai-based cooperative bank.

“This is an all-cash offer from JC Flowers which gives the company an opportunity to recover dues from these small accounts. It is a good balancing act for JC Flowers which has large chunky loan accounts acquired from Yes Bank in its portfolio right now. The new accounts are mostly secured and have assets backing them, making recovery possible,” said a person aware of the details.

JC Flowers ARC declined to comment while process advisor BoB Capital Markets did not reply to an email seeking comment until press time on Monday.

In December 2022, JC Flowers completed the acquisition of NPAs from Yes Bank totalling ₹48,000 crore with a bid of ₹11,183 crore, under a 15:85 structure (15% cash and 85% security receipts). Yes Bank owns a 9.90% stake in the ARC.

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