The overseas borrowings by India Inc grew by 65 per cent to $494 million in May compared to the previous month. The total overseas loans raised by 35 companies through external commercial borrowings (ECBs) as well as foreign currency convertible bonds (FCCB) shot up to $494 million in May from $298 million in April, an RBI release here today said.
Out of the total overseas borrowings, $326 million was raised through automatic route while $167 million was raised through approval route.
As per the ECB data for May most of the companies raised overseas funds for capital goods'' import as well as modernisation and overseas acquisition among other things.
Bhushan Steel raised $20 million for rupee expenditure while Bajaj Hindustan raised the similar amount for buyback of foreign currency convertible bonds.
Moreover, Suzlon Energy raised over $61 million under the approval route for buy back of its FCCB while Bharat Petroleum Corp raised $25 million in the month.
Out of the total overseas borrowings, $326 million was raised through automatic route while $167 million was raised through approval route.
As per the ECB data for May most of the companies raised overseas funds for capital goods'' import as well as modernisation and overseas acquisition among other things.
Bhushan Steel raised $20 million for rupee expenditure while Bajaj Hindustan raised the similar amount for buyback of foreign currency convertible bonds.
Moreover, Suzlon Energy raised over $61 million under the approval route for buy back of its FCCB while Bharat Petroleum Corp raised $25 million in the month.
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