Indian companies borrowed $1.71 billion from overseas markets in the month of September 2018 through external commercial borrowing (ECB), 50.86% less than a year ago. The borrowings were $3.48 billion in September last year.
According to the Reserve Bank of India (RBI) data report, of the total borrowings, $1.21 billion was raised through automatic route, while $500 million came in via approval route. The report further found that no one has issued rupee-denominated bonds to raise money during September 2018. Besides, it showed that Reliance Jio Infocomm went through the approval route to raise $500 million.
As per data report, the companies among raising capital by automatic route were Power Finance Corporation ($250 million), PNB Housing Finance ($200 million), Glenmark Pharmaceuticals ($100 million), JSW Steel ($75 million), Sun Pharmaceuticals ($50 million) and IIFL Home Finance ($50 million).