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N.S. Vageesh

Chennai , Nov. 4

INDIAN companies raised $6.6 billion overseas in the first half of this fiscal, according to data provided by the Reserve Bank of India.

This was almost the same amount that was raised by companies in the corresponding period last year.

The biggest chunk of borrowing came in September - with companies raising almost $2.6 billion.

Those who raised the money included HDFC, Tata Steel, Reliance Industries and Bharti TeleVentures, besides a number of small private limited companies.

The largest borrowing was done through a foreign currency convertible bond (FCCB) offering of $500 million from HDFC. The smallest borrower was XS Cad that raised $4,750.

During the first half, 29 companies raised $1.9 billion through FCCB while 250 companies raised $4.7 billion through external commercial borrowings.

In terms of the purpose for which these loans were raised, about 83 companies cited modernisation, while 79 said they were raising the money for "projects".

Nearly 50 companies raised money for import of capital goods while about 23 raised the money for refinancing old loans. Only six companies raised the amount for "working capital".

The external borrowing by companies (about Rs 30,000 crore) continued even as domestic lending increased by Rs 1,16,000 crore in the first half of this fiscal.

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