India Inc's ECB, FCCB fundraising intent rises to $6.08 billion in June

Indian companies filed proposals to raise $6.08 billion through external commercial borrowings and foreign currency convertible bonds in June, led by Microsoft India and Power Grid.

Indian companies, including non-banking financial companies (NBFCs), filed proposals with the Reserve Bank of India (RBI) to raise $6.08 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) in June 2026. This was up from $4.74 billion in May.

 

Of the total, proposals worth $5.94 billion were through the automatic route, while $133 million was approved through the special route, RBI data showed.

 

Among the prominent firms that filed proposals in June was Microsoft Corporation (India) Private Limited, which plans to raise $1.44 billion for general corporate purposes from a foreign equity holder for a period of five years.

 

 

Power Grid Corporation of India Limited is planning to raise $497.92 million from a foreign government or a foreign government-owned development financial institution for a period of 14 years and two months for on-lending or sub-lending activities.

 

Serentica Renewables India 4 Private Limited is seeking to raise $450 million from a financial institution in the International Financial Services Centre (IFSC) for a period of five years to refinance an existing ECB, while Serentica Renewables India 24 Private Limited is planning to raise $250 million from a financial institution in the IFSC for a period of five years for a new project.

 

Power Finance Corporation Limited is planning to raise $300 million from the international capital market for a period of five years for general corporate purposes, alongside another $52.28 million from a non-resident financial institution for five years.

 

Shriram Finance Limited is seeking to raise $132.50 million from a financial institution in the IFSC to refinance an existing ECB for a period of two years.

 

SMFG India Credit Company Limited is looking to raise $150 million from a financial institution in the IFSC for on-lending or sub-lending activities for a period of three years.

 

Cholamandalam Investment and Finance Company Limited is planning to raise $100 million from a financial institution in the IFSC for on-lending or sub-lending activities for a period of three years, while Credila Financial Services Limited is seeking to raise $100 million from a foreign equity holder for four years for on-lending or sub-lending activities.

 

Air India Limited is also planning to raise $130 million under the special route from a leasing company for a period of 12 years for the import of capital goods.