Indian firms raised $ 1.99 billion from overseas markets in June

MUMBAI: Indian companies raised $ 1.99 billion from overseas markets in June, lower than $ 3.37 billion in the previous month, the Reserve Bank said today.

Indian firms raised the money via external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs).

The companies raised $ 1.96 billion through automatic route and $ 31.52 million from approval route.

JBF Petrochemicals, JSW Steel, Rajasthan Sun Technique Energy, Mercedes-Benz India, Azure Solar, Ranbaxy Laboratories, Indian Synthetic Rubber and Subex were among the major companies that borrowed money from foreign sources during the month.

JBF Petrochemicals raised $ 416 million for its new project. Rajasthan Sun Technique Energy raised $ 268.33 million in four separate tranches to fund its power projects.

Mercedes-Benz India raised $ 232.14 million for modernisation purpose.

JSW Steel raised $ 225 million for redemption of FCCBs, while Subex raised $ 131.1 million for refinancing its FCCBs, RBI said.

Indian Synthetic Rubber raised $ 111 million to fund its new projects in two separate tranches, Azure Solar $ 70.36 million to fund power projects and Ranbaxy Laboratories borrowed $ 50 million in June.