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YES Bank raises $150 mn from International Finance Corp, stock rises

Private sector lender Yes Bank said on Monday it has raised $150 million from International Finance Corporation (IFC), Washington a member of the World Bank Group, for tenure of up to 7 years.

BT Online Bureau | December 23, 2013 | Updated 17:18 IST
YES Bank raises $150 mn from International Finance Corp, stock rises

Private sector lender YES Bank said on Monday it has raised $150 million from International Finance Corporation (IFC), Washington a member of the World Bank Group, for tenure of up to 7 years.

The loan will be used by the bank to scale up its small and medium enterprise loan portfolio, the bank said in a release to the BSE.   The package to the bank includes $45 mn provided through IFC's new co-lending programme  in addition to IFC's own account loan of $60 mn, both for a period of seven years  and another $45 mn syndicated loan provided by Intesa Santapaolo, Bank Muscat, Doha  Bank and AKA Frankfurt for a tenure of two years. The bank has swapped the loan  with RBI through the concessional swap window ooffered to banks.

Stock of YES Bank rose 2.43 per cent higher to Rs 379.45 on the BSE on Monday.

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