India Inc raises $1.12 bn overseas in April 2013

According to RBI data, companies raised $600 mn via the automatic route and $523 mn through approval route

Indian companies raised $1.12 billion through External Commercial Borrowings (ECBs) and Foreign Currency Convertible Bonds (FCCB’s) in April 2013 to fund modernisation, overseas acquisition, importing capital goods and refinancing of old loans compared to $2.73 billion in the same month, a year ago.   

According to Reserve Bank of India (RBI) data, companies raised  $600 million  via the automatic route and another $523 million  through the approval route that requires case-by-case approval by the RBI.

Under approval route Adani Power Maharashtra limited raised $480 million.  

In automatic route Bharat Forge raised $60 million.  Other major companies which raised money overseas include JSW Projects and Reliance Cement Company.
 

There was a single FCCB issuance during the month. Flexituff International Ltd raised $25 million to fund modernization for the tenure of five years.