Indian companies raised $1.93 billion from overseas markets in October through external commercial borrowings and foreign currency convertible bonds, according to RBI data. In September, the domestic firms had raised $3.35 billion from abroad.
As many as 52 Indian companies raised money from external sources in October, of which $719.52 million was raised through automatic route for which no approval is required from the Reserve Bank of India (RBI) or the government. While, 12 firms raised a total of $1.21 billion through approval route.
Under the approval route, Bharat Petroleum Corporation raised $ 500 million for working capital requirement, Tata Chemicals and Tata Sons raised $ 190 million and $ 150 million respectively for refinancing of earlier external commercial borrowings (ECB).
Bhushan Power & Steel raised $114.82 million for refinancing of earlier loan, while Air India raised $ 95 million for imports of capital goods.Under the automatic route, Bhushan Power & Steel raised $232.05 million for import of capital goods,Bharat Forge and Bharat Oman
Refineries raised $120 million and $ 70 million respectively for refinancing of earlier ECBs.Among others, Renew Wind Energy (Devgarh) raised $48 million for its power projects, Torrent Pharmaceuticals $45 million for rupee expenditure.