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Corporate Watch
YES BANK Achieves Financial Closure for MEDANTA
Rs 500 crore project finance arranged from YES Bank and
four PSU banks
Dr Naresh Trehan |
YES Bank, India's new age private sector bank, recently announced
the financial closure of Rs 500 crore project finance for Medanta — the
Medicity super specialty tertiary care hospital (Global Health Private Limited),
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 YES Bank, four leading PSU banks in addition
to YES Bank have 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 1,250-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.
On successful completion of this significant transaction, Dr Naresh Trehan,
Chairman and Managing Director of Global Health, said, "Medicity will be
a landmark for the Indian Healthcare Industry and give Indians access to world
class super speciality medical treatment in line with internationally accepted
standards. The confidence demonstrated by the financial community further to
YES Bank's syndication efforts, re-inforces my vision of creating a truly world
class institution providing tertiary care in India."
Rana Kapoor, Managing Director & CEO, YES Bank, said, "YES Bank has
evolved from an established provider of debt capital to a facilitator and arranger
of capital raising and has assisted clients in obtaining superior financial
returns in a risk-mitigated, well structured manner. We are extremely pleased
to spearhead one of the largest and finest superspecialty tertiary care hospitals
in India. Healthcare has always been a cornerstone of growth for India, and
this transaction re-iterates our commitment of being a bank for future businesses
of India. This exceptional project financing further demonstrates our knowledge
driven approach with a concerted focus on the Healthcare and Life sciences sector,
and we are fully committed to partner healthcare providers to facilitate the
growth and development of this key sector."
Meanwhile, Medanta would be soon applying for Joint Commission International
(JCI) accreditation.
EH News Bureau
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