India Inc Foreign Borrowing Down Sharply In June At $1.07 Bn
By PTI
MUMBAI: India Inc raised $1.07 billion from overseas markets in June 2016, down by over one-third from the year ago period, data from the Reserve Bank of India showed on Tuesday.
Indian firms had raised $3.16 billion from foreign markets in June 2015. In the previous month May 2016, the domestic firms had raised $1.32 billion from overseas markets.
The funds were raised both through external commercial borrowings (ECBs) and foreign currency convertible bonds.
Of these, $163.70 million was raised via approval process while rest of $908.71 million came through the automatic route.
Under approval route, PNB Housing Finance raised $150 million for on lending and Himatsingka Seide $13 million for refinancing of earlier ECB.
Among those in automatic route fund raising, Glenmark Pharmaceuticals raised $200 million for overseas acquisition, Siemens Healthcare Private Ltd $113.30 million for general corporate purpose and Idea Cellular $64.37 million for refinancing of earlier ECB.
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