Yes Bank, India’s new age private sector bank, announced the financial closure of an Rs 500 crore project finance for Medanta — the Medicity Super specialty Tertiary Care Hospital (Global Health) promoted by the noted cardiac surgeon, Dr Naresh Trehan.
Yes Bank was appointed as the sole underwriter and mandated lead arranger for Rs 500 crore of debt. After a highly successful and expeditious syndication spearheaded by the syndication team at the bank, four leading public sector banks in addition to Yes Bank have also participated — Allahabad Bank, Dena Bank, Punjab & Sind Bank and State Bank of Hyderabad.
The syndication process was completed within 60 days of its launch.
The project envisages construction of a 1250 bed facility in Gurgaon at a total cost of Rs 932 crore to be funded at a debt — equity ratio of 1.10x.
The hospital is at an advanced stage of completion, expected to commence operations from October 1, 2009.