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India Inc raised $1.32 billion from the overseas markets in May, down 45 per cent from the same month a year ago, RBI data showed today.
Indian companies had raised $2.39 billion from the foreign markets in May 2015.
Of the total borrowings, that were carried both through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), $845.72 million were raised via approval process, while the rest of the $472.69 million came through the automatic route.
Under the approval route, HDFC Ltd raised $375 million for on-lending, Reliance Industries $190.72 million for refinancing of earlier ECB, Adani Ports $150 million for port projects, and Dewan Housing Finance Corp raised $130 million for on-lending.
Among major borrowers in the automatic route category, Sintex Industries borrowed $110 million for modernisation works.
Ultratech Cement and Exim Bank raised $50 million each for refinancing of earlier ECB and on-lending, respectively.
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