Yes Bank raises Rs 380 cr debt from International Finance Corporation
According to Sonal Varma, India Economist at Nomura India, will cut key rates by 0.25 per cent (25 basis points) in April as inflation is likely to come down further.
Private sector lender YES Bank said it has raised Rs 380 crore worth of Tier-II capital from the International Finance Corporation to fund its aggressive growth plans, taking its total capital base to a little over Rs 9,000 crore.
"We have successfully raised Rs 380 crore from the prestigious IFC. This is the second tranche of fund raising by the bank in March, as we had raised Rs 450 crore in Tier-II capital from the domestic pension and mutual funds earlier in the month," Yes Bank senior president for financial management Jaideep Iyer told PTI.
He further said, this will take the overall CAR of the bank over 16 per cent, and the entire deal has been managed in-house, adding that in the fourth quarter of the last fiscal, the bank had overall raised Rs 830 crore debt.
Iyer further said, this Rs 380 crore is a mix of both lower tier 2 bond and perpetual bonds. While the lower tier 2 bond has an AA+ rating by both Icra and Care while perpetual bond has an AA- from them.
While the IFC debt is 15-year money, which has been arranged at Libor plus 480 basis points, and are a mix of both perpetual bonds and senior subordinated instruments, the Rs 450 crore debt has a 10-year tenor.
When asked about any GDR issue, Iyer, said there is no immediate plan but may happen sometime this fiscal, for which it has to seek board approval.
The IFC funds came in to the balance-sheet before the end of the just concluded fiscal, Iyer added.
The bank's net profit for the December quarter rose 33 per cent to Rs 254.1 crore.