However there wasn’t a single Foreign Currency Convertible Bond issuance in the first month of the year.
Out of the total amount raised, $637 million was via the automatic route while $2.87 billion was raised through the approval route that requires case-by-case approval by the RBI.
Under automatic route IDFC raised about $52 million for onward lending to power sector Vedanta Aluminum raised about $45 million for refinancing of earlier ECBs.
IDFC raised the money for five years while Vedanta raised the money for 2 years and six months.
Under approval route, Exim Bank raised $750 million for onward lending while Power Grid Corporation raised $500 million.
Both the companies’ loan tenure is 10 years and one month.