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Private sector lender YES Bank, on Tuesday, said it had raised $400 million through a syndicated loan facility, borrowed out of its IFSC Banking Unit (IBU) in Gujarat International Finance Tec (GIFT) City.
In rupee terms, it amounts to nearly ₹2,900 crore. The bank said it will use the funds to support IBU’s growth.
“YES Bank’s IBU has crossed $3 billion balance sheet within three years of starting operations at GIFT City,” said Rana Kapoor, Managing Director and CEO, YES Bank.
In a statement, the lender said it 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 and Westpac Banking Corporation.
The loan has been underwritten by a group of eight Mandated Lead Arrangers and book-runners.
The bank recently raised $400 million through two syndicated loan transactions in Taiwan and Japan, comprising $250 million from Taiwanese banks and 16.5 billion yen (or about $150 million) from Japan in November 2017. This was followed by a $300-million syndicated loan transaction completed in July 2018, which saw subscription from eight banks.
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