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National Collateral Management Services, an agriculture-warehouse, has raised a debt of Rs 203 crore from a consortium of four banks — YES Bank, Corporation Bank, Karur Vysya Bank and Development Credit Bank.
YES Bank will lend Rs 75 crore, Corporation Bank will pay Rs 62 crore, Karur Vysya Bank Rs 40 crore and DCB Rs 26 crore. The loan will carry a floating interest rate and is currently pegged at 11 per cent. It will be repaid over 10 years with a moratorium of 2 years, NCMSL said in a press release.
This debt will complement an equity investment of Rs 101.75 crore by International Finance Corporation, Rabo Equity and four shareholders — IFFCO, KVB, Haryana State Co-operative Supply and Marketing Federation Ltd and NCDEX. The equity and the project debt will finance a Rs 304-crore warehousing project being under taken by NCMSL.
Mr Sanjay Kaul, Managing Director, said NCMSL plans to deploy these funds over the next two years to set up warehouses in over 40 locations across the country.
SBI Capital Markets was the merchant banker engaged by NCMSL for this debt placement.
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