India Inc raised $ 3.55 billion from overseas market in March

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Indian companies including IOC, Air India and IDFC raised a total $ 3.55 billion in March from overseas markets, data from RBI showed today.

Domestic firms had raised a higher $ 4.3 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) in the previous month.

As per the data from RBI, the borrowings by domestic companies through ECB and FCCBs were a combination of automatic and approval route.

The companies raised as much as $ 1.36 billion through approval route during the month, while $ 2.17 billion were raised by the way of automatic route.

Through the approval route, Indian Oil Corporation raised $ 810 million for overseas acquisition and Intel Technology India raised $ 150 million for import of capital goods.

Public carrier, Air India Ltd raised $ 99 million each in two separate tranches for import of capital goods through the approval route, while Dewan Housing Finance Corporation Ltd raised $ 70 million for on-lending/sub-lending.

In the automatic route category, Export-Import Bank (Exim Bank) and Hindustan Petroleum Corporation raised $ 500 million each for sub-lending and working capital purpose respectively. IDFC Ltd raised $ 300 million for sub-lending.

Among others raising money through automatic route, Sterling Biotech raised $ 206.46 million for refinancing of earlier ECB and Bharat Petroleum Corp raised $ 198.58 million for working capital needs.

India's ECB in the entire fiscal 2013-14 stood at $ 33.25 billion.

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