Yes Bank declared that it has raised around US$ 400 million (approx Rs. 2,894 crores) by way of the syndicated loan facility, through IFSC Banking Unit in Gujarat International Finance Tec-City.
Besides that, the bank’s Capital Raising Committee of the Board also approved the issue of rated, listed, non-convertible, redeemable, unsecured, BASEL III-compliant Tier 2 Bonds of Rs. 4,000 crore.
The bank said in a regulatory filing, the bonds will be in the nature of debentures of Rs. 10,00,000 each aggregating up to Rs. 3,000 crores with Green Shoe Option of up to Rs. 1,000 crores. The bank said US$ 400 million will be utilised to support the IBU’s (IFSC Banking Unit) growing business.
Yes Bank said in a statement, “The bank has tied up a three-year loan facility in a syndication led by Bayerische Landesbank, Commerzbank, CTBC Bank, First Abu Dhabi Bank PJSC, Korea Development Bank, State Bank of India, United Overseas Bank Ltd and Westpac Banking Corporation, ensuring representation from a diverse set of countries across Europe, Middle East, Asia and Asia-Pacific.”
Yes Bank managing director and CEO Rana Kapoor said, “Yes Bank’s IBU has crossed US$ 3 billion balance sheet within three years of starting operations at GIFT City. We remain committed to expanding our international operations, as well as deepening our offerings.”
The bank had earlier raised US$ 400 million through two syndicated loan transactions comprising of US$ 250 million from Taiwanese banks and US$ 150 million from Japan in November 2017, followed by a US$ 300 million syndicated loan transaction concluded in July 2018 which saw subscription from eight banks.