India Inc raised USD 1.07 billion from overseas markets in June 2016, down by over one-third from the year ago period, data from RBI showed today.
Indian firms had raised USD 3.16 billion from foreign markets in June 2015. In the previous month May 2016, the domestic firms had raised USD 1.32 billion from overseas markets.
The funds were raised both through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs).
Of these, USD 163.70 million was raised via approval process while rest of USD 908.71 million came through the automatic route.
Under approval route, PNB Housing Finance raised USD 150 million for on lending and Himatsingka Seide USD 13 million for refinancing of earlier ECB.
Among those in automatic route fund raising, Glenmark Pharmaceuticals raised USD 200 million for overseas acquisition, Siemens Healthcare Private Ltd USD 113.30 million for general corporate purpose and Idea Cellular USD 64.37 million for refinancing of earlier ECB