Financial Daily from THE HINDU group of publications
Saturday, Apr 23, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 23, 2005 |
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RBI & Other Central Banks Corporate - Overseas Borrowings 45 cos seek RBI nod to raise money abroad Our Bureau
Mumbai , April 22 RELIANCE Industries, Indo Rama Synthetics and LML are among 45 companies that have sought permission from Reserve Bank of India to raise foreign funds in March. These companies propose to raise funds through External Commercial Borrowings (ECBs) and Foreign Currency Convertible Debentures (FCCBs) under the automatic approval channel, according to figures from RBI website. Reliance plans to deploy $350 million raised via ECBs to fund modernisation plans, while Indo Rama Synthetics plans to use $48.24 million to import capital goods. Monnet Ispat and LML Ltd will raise $60 million and $20 million respectively through FCCBs for expenditure on projects and modernisation respectively. Under the approval route, Indian Railways Finance Corporation plans to mop up $53 million for rupee expenditure and Industrial Development Bank of India $49.84 million for onward lending, it added.
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