Mumbai: India Inc raised USD 1.69 billion from overseas markets in March 2017, up 11.6 per cent from a year ago. Domestic firms had borrowed USD 1.52 billion through external commercial borrowing (ECB) in March 2016.
An additional USD 1.65 billion was mopped up through rupee-denominated bonds (RDBs), an instrument permitted by the RBI last year for companies to float such bonds overseas only to raise funds.
The data are not comparable to RDB mop-up. Prominent borrowers that tapped the RDB route included HDFC (USD 758.99 million) for on-lending, Praxair India (USD 364.50 million) for general corporate purpose and Sembcorp Gayatri Power (USD 523.80 million) for refinancing of rupee loans.
Major companies exercising the ECB option were Bharti Airtel (USD 500 million) and Indiabulls Housing Finance (USD 150 million) to refinance earlier ECBs.
Others that tapped ECB were Intel Technology India Pvt that borrowed USD 148.76 million for rupee expenditure, pharma major Cadila Healthcare's USD 100 million mobilisation for overseas acquisition and China Steel Corporation India Private which mopped up USD 110 million for refinancing of earlier ECBs.
