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India Inc raises $1.34 bn via ECB and FCCB in Nov

Source : BUSINESS_STANDARD
Last Updated: Wed, Dec 26, 2012 19:30 hrs

Indian companies raised $1.34 billion through external commercial borrowing (ECB) and foreign currency convertible bonds (FCCB) in November, to fund modernisation, foreign acquisitions, import of capital goods and onward lending.

The comparable figure for the last month, according to the Reserve Bank of India (RBI) data, was $4.29 billion. Of the total amount raised in November, $1.10 billion was via the automatic route, while $240 million was raised through the approval route, which requires case-by-case approval from RBI.

Adani International Container Terminal contracted ECB worth $ 75 million for 63 months for port operations, while Essar Steel India Limited borrowed $ 60 million to fund capital goods.

GTL Infrastructure raised FCCBs worth $320.5 million for refinancing old loans while Sintex Industries also contracted FCCB worth $175 million for redemption of FCCBs. Both the companies raised money for five years under the automatic route.

In the approval route, GAIL (India) Limited borrowed $41.88 million for import of capital goods while Essar Steel India contracted $ 21 million for refinancing rupee loans for 121 months.




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