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Indiabulls Housing says Yes Bank owes it Rs 662 crores
Indiabulls Housing Finance on Sunday said Yes Bank owes Rs 662 crore in the form of bonds to the company and it has no term loans outstanding from the lender.
New Delhi: Indiabulls Housing Finance on Sunday said Yes Bank owes Rs 662 crore in the form of bonds to the company and it has no term loans outstanding from the lender.
"We wish to inform that Yes Bank owes to Indiabulls Housing Finance Rs 662 crore via additional tier 1 (AT-1) bonds," it said in a regulatory filing.
The investments in AT-1 bonds of Yes Bank were made in 2017, as part of its treasury management of over Rs 20,000 crore of cash and when the bank was worth over $10 billion in value, it said.
"Indiabulls Housing Finance has no term loans outstanding from Yes Bank," it said. Sameer Gehlaut, promoter of Indiabulls Housing Finance, or any of his companies or any of his family member companies have no loans outstanding from Yes Bank, the non-banking finance company said further.
The statement from Indiabulls Housing comes amid arrest of Yes Bank co-founder and former CEO Rana Kapoor, on alleged money laundering charges and that the loans by the lender to DHFL turned sour.
Yes Bank has been put under moratorium until April 3, during which period customers will not be allowed to make withdrawal of more than Rs 50,000, as also the board has been superseded by the Reserve Bank of India (RBI) through appointment of an administrator, Prashant Kumar, former executive of SBI.
A plan of reconstruction of Yes Bank is underway under the RBI, wherein SBI will stake claim of 49 per cent equity in the crippled private sector lender through an investment of Rs 2,450 crore.
