Indian corporates seem to be on a fund-raising spree with at least five Indian corporates in two days tying up nearly Rs 20,000 crore worth debt by way of bond issues and loans.
From Reliance Jio to Essar Steel to Axis Bank, the fund raising activities have been disclosed by companies across diverse sectors. Apart from these three entities, Tata Power and state-owned MTNL have announced raising funds to the tune of Rs 3,000 crore.
Among the five, telecom player Reliance Jio Infocomm yesterday announced that it has arranged credit facilities worth USD 1.5 billion (Rs 9,200 crore) which would be utilised to refinance existing loans.
Essar Steel's Canadian arm Essar Steel Algoma today said it has tied up USD 750 million (over Rs 4,600 crore) debt as part of USD 1.4 billion recapitalisation and refinancing process.
In a separate announcement today, private sector lender Axis Bank said it has raised about USD 500 million (over Rs 3,000 crore) through issuance of senior unsecured notes and the proceeds would be used to meet funding requirement of its foreign branches and for general corporate purposes.
To repay existing debt, telecom operator MTNL today said it has raised about Rs 1,500 crore by selling bonds.
Besides, leading power utility Tata Power today announced raising Rs 1,500 crore by way of issuing non-convertible debentures.
