India Inc raises $2.6 bn from overseas markets in Feb

Indian companies raised $2.6 billion from overseas markets in February, marginally lower than $2.7 billion mopped up in January.

According to the Reserve Bank of India (RBI) data released today, Indian entities raised over $2.6 billion through external commercial borrowings and foreign currency convertible bonds (FCCBs).

FCCB is a type of convertible bond issued in a currency different than the issuer's domestic currency.

In February, Reliance Communications, several of Vodafone group companies, Orchid Chemicals & Pharmaceuticals, Larsen & Toubro and Panama Wind Energy were among the major companies that raised money from overseas market.

Under the approval route, Reliance Communications raised $925.2 million for redemption of FCCBs, Vodafone South raised $175 million, Vodafone Spacetel raised $150 million, Vodafone Essar Cellular raised $125 million and Vodafone Digilink raised $125 million.

While Orchid Chemicals & Pharmaceuticals raised $96.5 million, Panama Wind Energy $89.3 million and Larsen & Toubro raised $71.5 million through automatic route.