India Inc raised $2.7 bn overseas

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SummaryIndian companies raised USD 2.77 billion from overseas markets in September, up 16.9 per cent from a month ago, data from the Reserve Bank of India showed today.

Indian companies raised USD 2.77 billion from overseas markets in September, up 16.9 per cent from a month ago, data from the Reserve Bank of India showed today.

The domestic firms had raised USD 2.37 billion from overseas markets in August.

In as many as 86 deals, the Indian companies raised money via external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs).

Of these, 76 companies raised a total of USD 2.08 billion through automatic route while rest of the companies raised USD 688 million through the approval route.

Jaiprakash Associates, NTPC, Essar Steel, Interglobe Aviation, Rural Electrification Corporation and Gail India were among the major companies that raised money from external sources in September.

NTPC raised USD 500 million via automatic route for its power project, Gail India USD 300 million and Essar Steel USD 160 million, both for rupee expenditure.

Rural Electrification Corp raised USD 250 million through approal route for onward lending, Jaiprakash Associates USD 150 million for redemption of FCCBs and Interglobe Aviation raised USD 100 million for its other activities, RBI said.

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