YES Bank gains 2% on completion of syndicated loan facility

Moneycontrol Bureau

YES Bank shares gained more than 2 percent in afternoon trade Tuesday, continuing its upward journey for the second consecutive session.

The private sector lender today successfully closed its USD 255 million dual currency, multi-tenor syndicated loan facility. "The facility shall be utilised for general corporate purposes and trade finance," the bank in its filing to the exchange said.

According to a release, the recent RBI guidelines on offering swap facility to banks, for their FCY borrowings, at 100 bps below the market rate, will further make the landed rupee cost of these funds extremely competitive vis-a-vis rupee funds of equivalent maturity.

Also Read - RBI move positive; NPAs, NIMs likely to improve: Yes Bank

Meanwhile, Bank of America Merrill Lynch has a buy rating on the stock with a target price of Rs 465.

At 13:13 hours IST, the stock was up 2.28 percent at Rs 298.35 on the Bombay Stock Exchange.

(Posted by Sunil Shankar Matkar)