The Hindu Business Line : India Inc raises $494 m via ECBs in May

Mumbai, June 23 The external commercial borrowing (ECB)/ Foreign Currency Convertible Bonds (FCCBs) data released by the Reserve Bank of India shows some encouraging trend.

In the month of May, India Inc raised $494 million via ECBsvis-À-vis $299 million in the previous month. Under the approval route, BOC India Ltd raised $79 million for seven years for import of capital goods and Suzlon Energy Ltd raised $61 million for around three years for buyback of FCCBs.

Under the automatic route, among the top companies that raised funds overseas were: Bhushan Power & Steel Ltd ($59.84 million), Skol Breweries ($45 million), Bharat Petroleum Corporation Ltd ($25 million), Greatship (India) Ltd ($22 million), Bhushan Steel Ltd ($20 million) and Bajaj Hindusthan Ltd ($20 million).

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