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India Inc raises $3.5 bn through ECBs in Jan 2013

However there wasn't a single Foreign Currency Convertible Bond issuance in the first month of the year

Krishna Pophale Mumbai
Last Updated : Mar 01 2013 | 8:26 PM IST
Indian companies raised $3.51 billion through External Commercial Borrowings (ECBs) in January 2013 to fund modernisation, refinancing, importing capital goods and on lending data released by Reserve Bank of India showed.

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.

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First Published: Mar 01 2013 | 8:16 PM IST

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