Corporate India raised a total of $1.79 billion through external commercial borrowings (ECB) and foreign currency convertible bonds (FCCBs) in January this year.
Of the total funds raised, five companies used the FCCB route to garner $481.13 million, while others raised $1.31 billion via ECBs.
The Anil Ambani-controlled Reliance Infocomm was the largest issuer of ECBs. It raised $500 million in two tranches of $200 million and $300 million to re-finance old loans and rupee expenditure for capital goods. The maturity of Reliance ECB is seven years.
Kribhco Shyam Fertilisers tapped the market to garner over $415 million in two tranches to fund its modernisation plans. Maturity of the offering is seven years.
Industrial Development Bank of India mopped up $77.28 million through ECBs to retire old debt, according to RBI data released today.
Five companies raised funds through FCCBs, a quasi equity instrument, for their modernisation plans, projects and purchase capital goods.
Adlabs Films, part of the Reliance- Anil Dhirubhai Ambani Group, raised $101.1 million via FCCB tenure of five years. Larson & Toubro mopped up $100 million for importing capital goods.
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