Yes Bank raises Rs 1,180 crore foreign loan
The absence of clear rules enables online retailers to sell US branded apparel at discounts, which helps the brands gauge market depth.
Private lender Yes Bank has raised around Rs 1,181 crore through a dual currency syndicated loan facility from foreign markets.
The facility has a maturity of one year and will be used for general corporate purposes and trade finance, the city-based private lender said in a statement.
The bank had entered the market with an intention to raise $140 million and 32 million euro, but increased the amount to $155 million and 50 million euro following over-subscription, it added.
It has received commitments from 14 banks from nine countries, the statement said.
Bank Muscat, Citigroup Global Markets Asia, Commerzbank Aktiengesellschaft, Doha Bank, Standard Chartered Bank, SBI, HSBC, Royal Bank of Scotland and Wells Fargo, and National Association acted as mandated lead arrangers and book-runners on the deal, it said.
At 2.30 p.m., shares in the company traded 0.8 per cent lower at Rs 362.30 on the BSE, underperforming the broader BSE banking index, which was down 0.55 per cent at the same time.
