Companies including Go Airlines, Power Grid Corp raised $2.73 billion from overseas markets in April

MUMBAI: Indian companies raised $2.73 billion from overseas markets in April, Reserve Bank data showed today.

In the previous month, companies had raised $3.84 billion raised.

The money in April was raised through external commercial borrowings ( ECBs) and foreign currency convertible bonds ( FCCBs), RBI said.

Over the month, as many as 71 Indian firms including Go Airlines, Power Grid Corp, Posco Maharashtra Steel, Mangalore Metro Rail Corporation, JSW Steel and IRB Ahmedabad Vadodara Super Express from overseas markets.

Five entities mopped up about $1.11 billion through the approval route, according to the data.

Meanwhile, under the approval route, 66 companies raised around $1.62 billion through ECBs or FCCBs.

Indian companies are allowed to raise $750 million from overseas markets under the automatic route.

Go Airlines, the private carrier, raised $795 million for import of capital goods under the approval route over the month.

State-run Power Grid Corp raised $250 million for its power projects through approval route.

Under the automatic route, Posco Maharashtra Steel raised $423.07 million for import of capital goods and Bangalore Metro Rail Corp raised $250 million for its railways project.

JSW Steel raised $178.28 million for import of capital goods and modernisation projects and IRB Ahmedabad Vadodara Super Express Tollway raised $100 million from the overseas market via automatic route for its road projects.