Indian companies raised USD 1.89 billion from overseas markets last month, 57.5 per cent more than a year ago, the Reserve Bank data showed today.
They had, in comparison, borrowed USD 1.20 billion from overseas markets in July last year.
The sources of funds raised in July this year included external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs).
There was no data on credit offtake through rupee denominated bonds (RDBs) during the month as they were banned temporarily by capital markets regulator Sebi.
"As rupee-denominated bonds issued by Indian corporates overseas are covered under Combined Corporate Debt Limit (CCDL), issuance of such bonds overseas shall temporarily cease, until the limit utilisation falls back to below 92 per cent," Sebi had said in its order last month.
The ban came in less than an year since the RBI started giving data on RDB borrowings from September 2016.
The RBI data showed that USD 1.24 billion was raised via the automatic route last month, while the rest of USD 650 million came through approval route.
Rural Electrification Corporation took the approval route of ECB to raise USD 450 million and USD 200 million in separate tranches of 10 years and 5 years respectively for the purpose of on-lending.
As for the automatic route, Hindustan Petroleum Corporation raised USD 500 million for modernisation of project, while Reliance Utilities and Power garnered USD 300 million for refinancing of earlier ECB.
Besides, Idea Cellular raised USD 155.08 million for refinancing earlier ECB, while Export-Import Bank of India borrowed USD 75 million for sub-lending.
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