Yes Bank will auction the immovable properties of the e-commerce company Magnum Solutions Ltd to recover its debt of Rs 345 crore.
New Delhi. Private sector Yes Bank is auctioning the immovable properties of the e-commerce company Magnum Solutions Ltd to recover its debt of Rs 345 crore. This auction will be done online on May 15. In its E-Auction notice, Yes Bank said that it had taken possession of the physical properties of Magnum Solutions Limited on August 29, 2020. Yes Bank said that the auction of immovable assets of Magnum Solutions Limited will be done under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi Act). Reserve price kept at 270 crores rupees Yes Bank has kept the reserve price of the assets of Magnum Solutions Ltd. at Rs 270 crore. This means that its bid will start from Rs 270 crore. This property will not sell below this reserve price, which has been decided by the authorized officer.Also read: Good news for farmers! Now you can get a loan of Rs 1.60 lakh without guarantee – know how In the stock market, Yes Bank shares fell 0.75% to close at Rs 13.20 today. Shares of the company opened sharply today at Rs 13.40. The bank’s stock has been declining since April 28, due to which the market cap of the company has fallen to Rs 33 thousand crore. Losses in March quarter
The second wave of Corona has added to the bank’s challenges. Yes Bank reported a consolidated net loss of Rs 3,788 crore on a single basis for the quarter ended March 2021. The bank’s losses have increased due to reduced income and increased provisions in lieu of stranded debts. Also read: Indian Railways: Railways canceled more than 1 dozen trains from today, changes in timings of many, check the complete list here Here, the bank’s top investor Bay Tree India Holdings has also sold its 2.1 per cent stake in the bank. This private equity firm gave this information in a statement on Tuesday. The company now has a 5.4 percent stake in the bank.