India companies raised $3.37 billion from overseas markets in May

MUMBAIL Indian companies raised USD 3.37 billion from overseas markets in May, Reserve Bank data showed today.

In April, companies had raised USD 2.73 billion from the same route.

The amounts were raised through external commercial borrowings ( ECBs) and foreign currency convertible bonds (FCCBs) for various purposes, RBI said.

As many as 78 firms including Reliance Industries, Air India, Srei Equipment Finance, Exim Bank, The Shipping Corp, Man Industries, Surana Power, Nagarjuna Oil Corp, Posco Electrical Steel and Aditya Birla Nuvo raised money from abroad during May.

While seven firms raised USD 2.44 billion from overseas market under the approval route through ECBs and FCCBs, as many as 71 firms raised USD 935 million via automatic route.

Reliance Industries raised USD 2 billion under approval route for import of capital goods. While, the state run carrier Air India raised USD 195.5 million during the month for import of capital goods.

Exim Bank and Srei Equipment Finance raised USD 100 million each for onward/sub-lending and import of capital goods respectively.

The Shipping Corp of India raised USD 96 million for import of capital goods while Posco Electrical Steel India raied USD 83.8 million for import of capital goods.

Man Industries and Surana Power raised USD 55 million each for redemption of FCCBs and import of capital goods.

Nagarjuna Oil raised USD 39 million to fund its new project and Aditya Birla Nuva raised USD 30 million for rupee expenditure, RBI said.