Yotta Data Services raises Rs 1,357 cr in debt from State Bank of India
Yotta Data Services and its subsidiary NMDC Data Centre have raised over Rs 1,357 crore through a long-term secured loan from State Bank of India.
The company has raised this debt against its two data centres in Navi Mumbai by hypothecating the assets in favour of the bank. Certain receivables from the company’s data centre in Mumbai’s central suburb Powai have also been pledged to secure this loan.
The debt includes an issue of 80,000 non-convertible debentures (NCDs) worth Rs 800 crore to the country’s largest bank. The debt will provide 8.85% return on investment to SBI with a total term of 12 years.
The entire loan facility includes a term loan worth Rs 1,300 crore and non-fund-based facility worth Rs 57 crore, showed documents accessed through CRE Matrix. The transaction was registered in December.
“Yotta has relationships with various banks and financial institutions. We do not comment on specifics of individual financing transactions,” said a spokesperson of Yotta Data Services.
ET’s email query to SBI remained unanswered until the time of going to press.
Yotta Data Services is a new-age digital transformation service provider, which offers cloud, GPUs, data centre hosting, connectivity, cybersecurity services, cyber-workspaces, managed applications and a wide range of managed information technology services.
The company operates its cloud regions at its hyperscale data centre parks at Panvel in Navi Mumbai and Greater Noida in UP. It is working on a plan to launch its open source-based hyperscale
