Yes Bank plans to raise funds through green bond issue in London
MUMBAI: Private sector lender Yes Bank today signed a memorandum of understanding (MoU) with London Stock Exchange (LSE) to collaborate on debt and equity issuances. The MoU with LSE coincides with Prime Minister Modi’s trip to the United Kingdom.
As part of the Agreement, the bank plans to list a Green Bond of up to $500m on London Stock Exchange by December 2016. Also, as part of its overall $1bn of equity capital raising plans, the bank may also potentially raise funds through the listing of Global Depository Receipts (GDR).
Rana Kapoor, Managing Director & CEO of Yes Bank said, “We will endeavour to improve the access to long term overseas funds for corporate in India, through capital markets in the UK particularly towards Green Infrastructure Financing, which is high on India’s agenda. We also look forward to working with the LSE in establishing London as the leading centre for rupee denominated offshore capital raising.”
London has established itself as the leading centre for off-shore Rupee debt issuance – so-called ‘Masala bonds. In August this year, the IFC listed a Rs 3.15 billion green bond on London Stock Exchange.