Indian cos raise $2.19 bn in Nov from overseas market

In October, they had raised $1.93 bn from abroad

Indian companies raised $2.19 billion from overseas markets in November through external commercial borrowings and foreign currency convertible bonds.

In October, they had raised $1.93 billion from abroad.

As many as 41 firms raised money from external sources in November. Of these, 34 raised $948.27 million through the automatic route for which no approval is required from the Reserve Bank or the government.

Seven firms raised a total of $1.23 billion through the approval route that requires permission from RBI.

Under the approval route, Hindustan Petroleum Corporation Ltd raised $500 million for working capital requirements, Reliance Industries $300 million for import of capital goods and Rural Electrification Corporation raised USD 285 million for onward (sub-lending).

Under the automatic route, Indian Railway Finance Corp raised $400 million for railways work, Oil India USD 250 million for mining, exploration and refining and ONGC Mangalore Petrochemicals raised $60 million for a new project.