Indian firms raise $2.6 bn from overseas markets

Mumbai: Indian companies raised $2.6 billion from overseas markets in February, marginally lower than $2.7 billion mopped up in January.

According to the RBI data released today, Indian entities raised over $2.6 billion through external commercial borrowings and foreign currency convertible bonds (FCCBs).[caption id=“attachment_270552” align=“alignleft” width=“380” caption=“Raising foreign money. Reuters”]  [/caption]

FCCB is a type of convertible bond issued in a currency different than the issuer’s domestic currency.

In February, Reliance Communications, several of Vodafone group companies, Orchid Chemicals & Pharmaceuticals, Larsen & Toubro and Panama Wind Energy were among the major companies that raised money from overseas market.

Under the approval route, Reliance Communications raised $925.2 million for redemption of FCCBs, Vodafone South raised $175 million, Vodafone Spacetel raised $150 million, Vodafone Essar Cellular raised $125 million and Vodafone Digilink raised $125 million.

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While Orchid Chemicals & Pharmaceuticals raised $96.5 million, Panama Wind Energy $89.3 million and Larsen & Toubro raised $71.5 million through automatic route.

PTI