India Inc’s foreign borrowings fell 45% in May to $1.32 bn

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Mumbai | Published: June 23, 2016 3:06:54 PM

India Inc raised USD 1.32 billion from overseas markets in May, down 45 per cent from the same month a year ago, RBI data showed today.

Indian companies had raised .39 billion from foreign markets in May 2015. (Reuters)Indian companies had raised .39 billion from foreign markets in May 2015. (Reuters)

India Inc raised $1.32 billion from overseas markets in May, down 45 per cent from the same month a year ago, RBI data showed today.

Indian companies had raised $2.39 billion from foreign markets in May 2015.

Of the total borrowings, that were carried both through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), $845.72 million were raised via approval process while rest of $472.69 million came through the automatic route.

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Under the approval route, HDFC Ltd raised $375 million for on-lending, Reliance Industries $190.72 million for refinancing of earlier ECB, Adani Ports $150 million for port projects and Dewan Housing Finance Corp raised $ 130 million for on-lending.

Among major borrowers in automatic route category, Sintex Industries borrowed $110 million for modernisaiton works.

Ultratech Cement and Exim Bank raised $50 million each for refinancing of earlier ECB and on lending, respectively.

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