Indian companies raised a whopping $3.28 billion debt from overseas markets in the month of September 2017 through external commercial borrowings (ECBs)/ foreign currency convertible bonds (FCCBs) which is higher than $1.56 billion debt raised in August this year.
According to the Reserve Bank of India (RBI) data, in September 2017, Power Grid Corporation of India, EXIM Bank, and NTPC figure among the companies which together raised $3.28 billion debt from overseas markets, while Housing Development Finance Corporation (HDFC) was the only one to raise $201 million through Rupee Denominated Bonds (RDB).
Power Grid and EXIM Bank raised funds amounting $ 500 million each, through ECB/FCCB, while NTPC and IOC raised $353.89 million and $300 million respectively. Besides, SAIL was also in the list of borrowers by raising $350 million. Going Further, Larsen & Toubro, Dassault Reliance Aerospace, Cadila Healthcare, Apollo Tyres, and Birla Corporation were the companies that raised funds through the ECB.