Indian companies continued to tap international funding markets in September, registering overseas borrowings worth $7.04 billion through External Commercial Borrowings (ECBs) and Foreign Currency Convertible Bonds (FCCBs), according to Reserve Bank of India (RBI) data released on Thursday.
Of the total registrations, $6.70 billion came through the general permission route, while $336.94 million was registered under special permission. The special-category amount included 3 ECB registrations by InterGlobe Aviation, the parent company of IndiGo, for importing capital goods.
Among the largest borrowers, Mangang Constructions registered $1 billion for general corporate purposes. The National Bank for Financing Infrastructure and Development (NaBFID) also registered $1 billion for on-lending, while Danube Industries registered $921.11 million for general corporate purposes.
Hindustan Petroleum Corporation (HPCL) and the Housing and Urban Development Corporation (HUDCO) each registered $500 million. HPCL will use the funds for general corporate purposes, while HUDCO plans to refinance rupee loans. REC registered $300 million for general corporate purposes, Sammaan Capital $300 million for on-lending and the National Hydroelectric Power Corporation (NHPC) $254.51 million for working capital.
The Shipping Corporation of India registered $100.44 million to refinance rupee loans, while Adani Airport Holdings registered $100 million for modernising and expanding existing units.
Financial institutions and NBFCs lead on-lending registrations
Several financial institutions and non-banking financial companies (NBFCs) also tapped overseas markets. NaBFID registered $1 billion for on-lending, while HUDCO and REC registered $500 million and $300 million, respectively.
Among NBFCs, Sammaan Capital registered $300 million and IIFL Home Finance $150 million for on-lending or sub-lending. Other registrations included UGRO Capital ($100 million), Avanse Financial Services ($70 million), Godrej Finance ($60 million), Vivriti Capital ($50 million), Choice Finserv ($40 million) and Satin Creditcare Network ($17.27 million).
India Shelter Finance Corporation registered a $306 million FCCB for on-lending, with a 5-year maturity period.
Vodafone Idea registers $150 million ECB
Vodafone Idea registered a $150 million ECB to source capital goods locally. The loan has a 10-year maturity, with the lender classified as a financial institution in an International Financial Services Centre (IFSC).
OneWeb India Communications registered $75 million for importing capital goods, while Lighthouse Learning registered $125 million under the purpose category of ‘Others (Specify)’.
The RBI data showed no Rupee Denominated Bond (RDB) registrations under either permission route in September. The figures represent ECB and FCCB applications allotted loan registration numbers during the month and do not necessarily indicate actual fund disbursements.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream LinkedIn | The Mainstream Facebook | The Mainstream Youtube | The Mainstream Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.