India Inc foreign borrowing down sharply in June at $1.07 bn

Funds were raised both through external commercial borrowings and foreign currency convertible bonds

India Inc raised $1.07 billion from overseas markets in June 2016, down by over one-third from the year ago period, data from the Reserve Bank of India showed on Tuesday.

Indian firms had raised $3.16 billion from foreign markets in June 2015. In the previous month May 2016, the domestic firms had raised $1.32 billion from overseas markets.

The funds were raised both through external commercial borrowings (ECBs) and foreign currency convertible bonds.

Of these, $163.70 million was raised via approval process while rest of $908.71 million came through the automatic route.

Under approval route, PNB Housing Finance raised $150 million for on lending and Himatsingka Seide $13 million for refinancing of earlier ECB.

Among those in automatic route fund raising, Glenmark Pharmaceuticals raised $200 million for overseas acquisition, Siemens Healthcare Private Ltd $113.30 million for general corporate purpose and Idea Cellular $64.37 million for refinancing of earlier ECB.