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Private lender YES Bank on Thursday said it had received commitments of $155 million and €50 million for its dual currency syndicated loan facility.
As many as 14 banks from nine countries have given commitments for this facility, the bank said in a statement.
This is a plain vanilla borrowing for the bank and would not form part of its tier-II capital. The debt funds raised will be used for general corporate purposes and trade finance.
In rupee terms, this syndicated loan facility, which will have a maturity of one year, will result in the bank mopping up about Rs 1,200 crore.
“This is a significant commitment from global banks,” said Rana Kapoor, Founder, Managing Director and CEO of YES Bank.
The countries from where the commitments have come include the UK, Germany, Austria, Qatar, Oman, Mauritius, Italy and the US.
YES Bank, however, declined to spell out the cost of borrowing under this dual currency syndicated loan facility.
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