Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  Indian companies' foreign borrowings down 45% to $2 billion in December'19
BackBack

Indian companies' foreign borrowings down 45% to $2 billion in December'19

Indian firms had raised $3.81 billion in December 2018
  • Cholamandalam Investment and Finance Company was the only company to have floated masala bonds overseas
  • Photo: BloombergPremium
    Photo: Bloomberg

    Mumbai: Foreign borrowings of Indian companies fell over 45% to $2.09 billion in December 2019 as compared to the year-ago period, according to the Reserve Bank of India data.

    Indian firms had raised $3.81 billion in December 2018, which included $37 million through issuance of masala bonds.

    Of the total money borrowed by domestic companies during December 2019, $1.2 billion was through the automatic route of external commercial borrowing (ECB) and $840 million via approval route of ECB.

    The remaining $55.98 million was raised through the rupee denominated bonds or popularly known as masala bonds.

    The borrowers taking the automatic route of ECB included HPCL-Mittal Pipelines ($262.5 million), HDFC Credila Financial Services ($100 million), LIC Housing Finance ($200 million) and Toyota Financial Services India ($100 million), among others.

    Those who borrowed through the approval route were REC Ltd ($500 million) and Power Finance Corporation ($250 million), besides others.

    Cholamandalam Investment and Finance Company was the only company to have floated masala bonds overseas to raise up to $55.98 million for on-lending, as per RBI data.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 09 Feb 2020, 01:34 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App