Yes Bank gains on raising $150mln from IFC

Shares of Yes Bank were up over 2% after the private banker has raised $150 million from International Finance Corporation.

The financing package to YES Bank includes $45 million provided through IFC's new co-lending program in addition to IFC's own account loan of $60 million, both for a period of 7 years; and another $45 million syndicated loan provided by Intesa Sanpaolo, Bank Muscat, Doha Bank & AKA Frankfurt for a tenor of 2 years. Yes Bank has swapped the said loan with RBI through the concessional swap window offered to banks, the bank said in a release.

The loan will be used by YES Bank to scale up its small and medium enterprise loan portfolio.
 

Over 3 million shares were traded so far on both the stock exchanges.