Indian companies borrowed $2.71 billion from overseas markets in the month of June 2018 through external commercial borrowing (ECB) and rupee-denominated bonds (RDBs), 66.3% more than last year. The borrowings were $1.63 billion in June last year.
According to the Reserve Bank of India (RBI) data report, of the total borrowings, ECB stood at $2,664,647,810 ($2.66 billion), while RDBs stood at $49,415,083 ($49.42 million). The report further found-out that as many as 77 firms went through the ECB route to raise $2.66 billion. Some companies which took the ECB route were HDFC ($750 million), Mangalore Refinery and Petrochemicals ($350 million), Shriram Transport Finance ($500 million) and Indiabulls Housing Finance ($240 million).
Further, RBI report noted that in June 2018, only two entities issued rupee-denominated bonds such as India Infoline Finance and Global Metal Forging. India Infoline Finance raised $47.94 million, while Global Metal Forging raised $1.47 million via RDBs.
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