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YES Bank raises Rs 38.47 bn for five-year tenor through global bonds

The proceeds will be used for funding the bank's IFSC Banking Unit in Gift City (in Gujarat) and expand IBU's rapidly growing business opportunities

Press Trust of India  |  New Delhi 

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Private sector lender said on Wednesday that it has raised $600 million (over Rs 38.47 billion) by issuing bonds in the international debt markets.

The bonds will be listed on the London Stock Exchange International Securities Market (LSE ISM), the Singapore Exchange Securities Trading SGX, and the India International Exchange IFSC at GIFT City, Gandhinagar.

The proceeds will be used for funding the bank's IFSC Banking Unit in (in Gujarat) and expand IBU's rapidly growing business opportunities.

"had successfully completed issuance of its maiden $600 million bond issue in the international debt markets," the Bank said in a statement.

The bond issuance is aligned to government's commitment of building a high-tech financial hub in the country, it added.

The bond is rated Baa3 by Moody's Investors Service and has tenor of 5 years, it said.

MD and CEO Rana Kapoor said: "This landmark issue is the first foreign currency bond offering by Yes Bank under our newly established MTN programme...

"As the 1st bank to have begun operations at GIFT, we remain committed to expanding our operations at the IBU (IFSC Banking Unit), Gandhinagar."

The bank's stock was trading 0.90 per cent down at Rs 335.50 on BSE.

First Published: Wed, February 07 2018. 17:42 IST
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