Indian companies raised $38.33 billion (Rs1.66 trillion today) in the first six months of 2008 (up to 27June) from loans and initial share sales (or initial public offerings, or IPOs) both in the domestic market and overseas, according to ‘Bloomberg’.
Of this, around $9.8 billion was raised from syndicated loans in foreign currencies. Domestic bonds contributed $9.4 billion.
In terms of IPOs, Deutsche Bank AG topped the underwriter league tables. And in terms of local loans, State Bank of India topped the league tables.
With inflation at a 13-year high, the stock market at early 2007-levels and the Reserve Bank of India having raised interest rates twice in June, raising money is going to become difficult for Indian companies—both within and outside the country.