India Inc raised a whopping $5.07 billion through external commercial borrowings or ECBs and rupee-denominated bonds (RDBs) in March 2018. This is higher by 20% in comparison to the funds raised via the same route in the corresponding month last year. In March 2017, Indian companies raised as much as US$ 4.24 billion from foreign borrowings.
Under the approval route, Shriram Transport Finance Co Ltd managed to raise US$ 49.98 million for on-lending via RDBs and HDFC Bank raised US$ 500 million for on-lending. In 3 tranches, Rural Electrification raised US$ 700 million via ECBs and PFC raised US$ 250 million.
Under the automatic route of ECB, some of the major borrowers include PFC raised US$ 450 million for refinancing the previous ECB; Hindustan Petroleum Corporation USD 300 million for refinancing earlier ECB and NTPC Ltd that raised US$ 400 million for power projects.
Keihin India Manufacturing Pvt. Limited raised US$ 204.55 million for importing capital goods while Indiabulls Housing Finance raised US$ 200 million for refinancing earlier ECB.
With PTI Inputs.