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| India Inc raises $2.6 bn in Oct |
| BS Reporter / Mumbai Nov 24, 2009, 01:08 IST |
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Indian companies have raised about $ 2.6 billion from the international market through external commercial borrowings and foreign currency convertible bonds (FCCBs) in October to fund overseas acquisitions and import capital goods and modernisation and lending.
This is highest amount raised in a month by Indian companies through ECB\FCCB route after the financial crisis intensified on collapse of Lehman Brothers in September 2008.
Sterlite Industries and Sesa Goa, both from Vednata group, raised $500 million each through FCCB to modernise operations, according to data released by Reserve Bank of India (RBI).
Tata Motors also raised $ 375 million through FCCBs. Patel Engineering raised $ 100 million via FCCBs.
With rebound in the global capital markets and gradual return of risk appetite there is demand for Indian equity. Many Indian companies with presence in metals and infrastructure sector have tapped market to raise funds for future plans, analysts said.
Engineering major Larsen & Toubro Ltd raised $ 200 million to pay for rupee capital expenditure. Welspun Gujarat Stahl and Volkswagen raised $ 150 million and $ 148.29 million respectively through ECBs.
Export Import Bank of India (EXIM) raised $ 222.44 million through ECB for lending these funds to Indian companies.
Three Power sector companies -- Jhajjar Power Ltd, ($ 112 million), CESC of RPG group ($ 35 million) and Spectrum Coal and Power ($ 17 million) – also raised funds through ECBs.
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