India Inc raised $2.71 billion through external commercial borrowing (ECB) and rupee-denominated bonds (RDBs) in June 2018, up by 66.3 percent over the same month last year, the RBI data released today showed.
Indian companies had raised $1.63 billion from overseas sources in June 2017.
The domestic firms raised over $2.66 billion by tapping external commercial borrowing (ECB), while $49.42 million by way of issuing rupee denominated bonds (RDBs), according to the RBI data.
As many as 77 firms went through the ECB route to raise $2.66 billion. The major companies included HDFC Ltd ($750 million) for on-lending; Mangalore Refinery and Petrochemicals ($350 million) for refinancing earlier ECB; Shriram Transport Finance ($500 million) and Indiabulls Housing Finance ($240 million) for on-lending purposes.
Tata Motors raised $250 million to refinance earlier ECB and L&T Hydrocarbon Engineering 107 million for overseas acquisition.
India Infoline Finance and Global Metal Forging were only two firms that issued RDBs in June this year to raise $47.94 million and $1.47 million, respectively, for the purpose of on-lending and refinancing rupee loans, showed the data.
First Published: Jul 31, 2018 3:31 PM IST
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