Of the total money borrowed by domestic companies during December 2019, $1.2 billion was through the automatic route of external commercial borrowing (ECB) and $840 million via approval route of ECB. The remaining $55.98 million was raised through the rupee denominated bonds or popularly known as masala bonds.
The borrowers taking the automatic route of ECB included HPCL-Mittal Pipelines ($262.5 million), HDFC Credila Financial Services ($100 million), LIC Housing Finance ($200 million) and Toyota Financial Services India ($100 million), among others.
Those who borrowed through the approval route were REC Ltd ($500 million) and Power Finance Corporation ($250 million), besides others. Cholamandalam Investment and Finance Company was the only company to have floated masala bonds overseas to raise up to $55.98 million for on-lending, as per RBI data.