India Inc has raised $1.32 billion from overseas markets in May 2016, down 45% as compared to $2.39 billion in May 2015. As per the Reserve Bank of India (RBI) data, of the total borrowings during the month, which included 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 by a total of 50 borrowers.
Further, out of the total borrowers, four raised money through approval route and remaining via automatic route. Under the approval route, HDFC 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.
For automatic route, major borrowers included Sintex Industries which borrowed $110 million for modernisaiton works, Ultratech Cement $50 million for refinancing of earlier ECB and Exim Bank raised $50 million on lending.