India Inc raises $15.7 billion in 2011 via debt securities: Dealogic

NEW DELHI: Indian companies have raised a total of USD 15.7 billion so far this year through debt securities, out of which mining major Vedanta Resources' USD 1.7 billion bond issue was the biggest.

According to global deal tracking firm Dealogic, India Debt Capital Market ( DCM) volume has reached USD 15.7 billion through 81 deals so far this year, out of which Vedanta Resources' USD 1.7 billion high yield issue is the largest India debt offering in 2011 year-to-date.

On May 26, Vedanta Resources, a diversified metals and mining company, issued a USD 1.7 billion high yield bond via a consortium of eight bookrunners.

Citigroup, Barclays Capital, Credit Suisse, Royal Bank of Scotland and Standard Chartered Bank were the joint global coordinators and book runners for the issue, with Citi leading the execution of this offer.

Vedanta's bond issue was the third offer since January, in which an Indian group raised over USD 1 billion from global markets.

The other two offers were -- Tata Motors-Jaguar-Land Rovers' USD 1.62 billion (one billion pounds) and ICICI Bank's USD 1 billion offer.

The DCM volume recorded so far this year however, represents a 25 per cent decline from the record USD 21 billion raised through 209 deals during the comparable 2010 period, Dealogic added.