Yes Bank shifts to new Santacruz headquarter in Mumbai – ET RealEstate

MUMBAI: The Yes Bank management and other executives on Tuesday relocated to the bank’s new headquarters at Santacruz in suburban Mumbai, which earlier housed Anil Dhirubhai Ambani Group’s headquarters.

The bank has begun the process of vacating 10 floors of its rented premises in Indiabulls Finance Centre and shifting to the new premises, which is now called Yes Bank House.

“We are vacating the premises floor by floor and the complete transition will happen over a period of two months,” said Yes Bank MD & CEO Prashant Kumar. He said that every month the bank will bring down its rental costs. Last week, the bank’s board of directors approved the shifting of the registered office within the local limits of the city.

Yes Bank had acquired the Santacruz premises from Anil Ambani’s Reliance Infrastructure with the Rs 1,200-crore valuation being used to repay Reliance’s debt. Reliance Infrastructure has also decided to convert its dues from its energy arm Reliance Power into equity, thereby hiking stake in the firm. Shares of Reliance Power rose 5% following the announcement.

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Yes Bank takes possession of Anil Dhirubhai Ambani Group’s headquarters in Mumbai – ET RealEstate

MUMBAI: Private lender Yes Bank has taken possession of Reliance Centre, the headquarters of the Anil Dhirubhai Ambani Group (ADAG) in Mumbai. Possession notices were issued regarding the 21,000 sqft building and two floors in Nagin Mahal in South Mumbai, newspaper advertisements showed.

The possession of the building took place as on 22 July under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFESI).

In a public notice, Yes Bank said it has issued notice to Reliance Infrastructure under the SARFAESI Act to recover its dues and after the company failed to repay the debt, it has issued the possession notice and warned public from dealing with these properties.

The assets were possessed as the Anil Ambani-led conglomerate failed to pay its dues worth Rs 2,892 crore to the private bank. ADAG has an exposure of ₹12,800 crore to Yes Bank.

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