 "India Inc overseas borrowing rises 11.6% to $1.69 billion in March")
India Inc raised $1.69 billion from overseas markets in March 2017, up 11.6 per cent from a year ago.
Domestic firms had borrowed $1.52 billion through external commercial borrowing (ECB) in March 2016.
An additional $1.65 billion was mopped up through rupee-denominated bonds (RDBs), an instrument permitted by the RBI last year for companies to float such bonds overseas only to raise funds.
Prominent borrowers that tapped the RDB route included HDFC ($758.99 million) for on-lending, Praxair India ($364.50 million) for general corporate purpose and Sembcorp Gayatri Power ($523.80 million) for refinancing of rupee loans.
Major companies exercising the ECB option were Bharti Airtel ($500 million) and Indiabulls Housing Finance ($150 million) to refinance earlier ECBs.
Others that tapped ECB were Intel Technology India Pvt that borrowed $148.76 million for rupee expenditure, pharma major Cadila Healthcare's $100 million mobilisation for overseas acquisition and China Steel Corporation India Private which mopped up $110 million for refinancing of earlier ECBs.
Domestic firms had borrowed $1.52 billion through external commercial borrowing (ECB) in March 2016.
An additional $1.65 billion was mopped up through rupee-denominated bonds (RDBs), an instrument permitted by the RBI last year for companies to float such bonds overseas only to raise funds.
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The data are not comparable to RDB mop-up.
Prominent borrowers that tapped the RDB route included HDFC ($758.99 million) for on-lending, Praxair India ($364.50 million) for general corporate purpose and Sembcorp Gayatri Power ($523.80 million) for refinancing of rupee loans.
Major companies exercising the ECB option were Bharti Airtel ($500 million) and Indiabulls Housing Finance ($150 million) to refinance earlier ECBs.
Others that tapped ECB were Intel Technology India Pvt that borrowed $148.76 million for rupee expenditure, pharma major Cadila Healthcare's $100 million mobilisation for overseas acquisition and China Steel Corporation India Private which mopped up $110 million for refinancing of earlier ECBs.