India Inc raised $ 1.13 bn from overseas markets in April

MUMBAI: Indian companies in April raised $ 1.13 billion from overseas markets through external commercial borrowings and foreign currency convertible bonds, down 77.8 per cent from a month earlier.

Indian firms had raised $ 5.08 billion from overseas markets in March 2013.

Of the total money raised in April from overseas markets, the companies had raised $ 601.68 million through automatic route and $ 523.52 million through approval route.

Under automatic route, Mylan Laboratories Limited raised $ 200 million for import of capital goods, Bharat Forge Limited raised $ 60 million for redemption of FCCBs, JSW Projects $ 52.06 million and ATC Tires raised $ 31.67 million for expansion of new project.

Through the approval route, Adani Power Maharashtra raised $ 480 million for its power project, Nectar Life Sciences $ 24 million for refinancing of rupee loans and GAIL (India) raised $ 13.46 million for import of capital goods.