Indian firms' October borrowings up 44 pc to $2.78 bn

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SME Times News Bureau | 22 Nov, 2014
Indian firms raised USD 2.78 billion from foreign markets in October, which was 44 percent higher than that garnered a year ago, Reserve Bank of India data showed Friday.

Domestic companies had raised USD 1.93 billion from the overseas market in the same month last year.

Of the latest borrowings, USD 69.43 million was raised through the approval route, while USD 2.71 billion came through the automatic route. While 56 companies raised money via the automatic route 3 firms raised funds through the approval route.

Indiabulls Housing Finance Limited raised USD 50 million for sub-lending, Roxul-Rockwool Insulation India Private Ltd USD 11.43 million for general corporate purpose and Cargill India raised $8 million for rupee expenditure, all in the approval route category

Under the automatic route, Tata Motors raised USD 750 million for rupee expenditure and refinancing of earlier external commercial borrowing (ECB) and Reliance Jio Infocomm borrowed USD 750 million for rupee expenditure.

Among others, Bharat Mumbai Container Terminals raised USD 494.53 million for a FCCB .port project and Larsen & Toubro borrowed USD 400 million for refinancing of earlier ECB and redemption of foreign currency convertible bonds (FCCBs).