India firms raised $3.37 bn from overseas markets in May

Mumbai: Indian companies raised $3.37 billion from overseas markets in May, Reserve Bank data showed today.

In April, companies had raised $2.73 billion from the same route.

The amounts were raised through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) for various purposes, RBI said.

As many as 78 firms including Reliance Industries, Air India, Srei Equipment Finance, Exim Bank, The Shipping Corp, Man Industries, Surana Power, Nagarjuna Oil Corp, Posco Electrical Steel and Aditya Birla Nuvo raised money from abroad during May.

While seven firms raised $2.44 billion from overseas market under the approval route through ECBs and FCCBs, as many as 71 firms raised $935 million via automatic route.

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Reliance Industries raised $2 billion under approval route for import of capital goods. While, the state run carrier Air India raised $195.5 million during the month for import of capital goods.

Exim Bank and Srei Equipment Finance raised $100 million each for onward/sub-lending and import of capital goods respectively.

The Shipping Corp of India raised $96 million for import of capital goods while Posco Electrical Steel India raied $83.8 million for import of capital goods.

Man Industries and Surana Power raised $55 million each for redemption of FCCBs and import of capital goods.

Nagarjuna Oil raised $39 million to fund its new project and Aditya Birla Nuva raised $30 million for rupee expenditure, RBI said.

PTI