India Inc raised about six times more in March 2023 at $3.8134 billion against $642.2 million in the preceding month.
Among the big fund raisers from the overseas markets include: Mangalore Refinery and Petrochemicals ($550 million), NTPC ($406.7 million), REC ($374.2 million), GMR Airports Infrastructure Ltd ($353.9 million), HPCL ($250 million), Tata Capital Financial Services ($200 million), and Shriram Finance and IIFL Finance ($150 million each).
The renewed enthusiasm to borrow overseas comes in the wake of the US Fed tapering rate hikes in its February and March meetings to 25 basis points each from the earlier jumbo increases of 75 basis points.
External commercial borrowings are commercial loans raised by eligible resident entities from recognised non-resident entities. They have to adhere to parameters such as minimum maturity, permitted and non-permitted end-uses, maximum all-in-cost ceiling, etc.