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Indian Companies garner $2.73 billion overseas fund in April
Date: 12-06-2012As per Reserve Bank of India’s (RBI) discloser, the Indian companies raised $2.73 billion in April from overseas markets, through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs).Though, the amount raised was about 29 per cent lower than the previous month but was 32 percent higher than the same month last year of $2 billion.
In the borrowers list, Go Air topped raising $795 million through the approval route, Posco Maharashtra Steel borrowed $423 million under the automatic route. Software company, 3i Infotech, raised $130 million under the FCCB route. Five entities as on whole mopped up about $1.11 billion through the approval route, while 66 companies raised around $1.62 billion through ECBs or FCCBs route.
As per Reserve Bank data, most of the borrowings were for import of capital goods, modernization, new projects and rupee expenditure for import of capital goods. ECBs are used by Indian companies to access foreign funds at cheaper rates.
In the borrowers list, Go Air topped raising $795 million through the approval route, Posco Maharashtra Steel borrowed $423 million under the automatic route. Software company, 3i Infotech, raised $130 million under the FCCB route. Five entities as on whole mopped up about $1.11 billion through the approval route, while 66 companies raised around $1.62 billion through ECBs or FCCBs route.
As per Reserve Bank data, most of the borrowings were for import of capital goods, modernization, new projects and rupee expenditure for import of capital goods. ECBs are used by Indian companies to access foreign funds at cheaper rates.