India Inc raises Rs 1,424 crore in rupee bonds in November

Indian corporates raised a total of Rs 1,424 crore in rupee bonds through the automatic route in November. The money was raised via rupee denominated bonds (RDB). 

The highest borrower firms include Power Finance Corporation Limited, which borrowed Rs 676 crore for the purpose of lending or sub-lending for a period of five years. Similarly, TRL Riceland Pvt Ltd borrowed Rs 400 crore due to some other reasons for a period of 10 years through the RDB route, according to the Reserve Bank of India (RBI) data.

Tiaa Global Business Services (INDIA) Pvt Ltd also borrowed Rs 106 crore for the purpose of rupee expenditure for a time period of five years. On the other hand, Morpheus Life Sciences Private Ltd raised the least amount of Rs 99 lakh for general corporate purposes for a time period of three years and one month.

Indian corporates raised US$488 million via external commercial borrowings (ECBs) and rupee denominated bonds (RDBs) in November 2016, as per RBI data. Indian companies had raised US$3.2 billion from foreign sources in the same month a year ago.

Under the external commercial borrowings (ECB) route, companies that raised the maximum amount are Mytrah Vayu (Tungabhadra) Private Limited, which borrowed $48 million for a duration of 16 years for a new project. Maxxis Rubber India Private Limited borrowed $40 million for a duration of seven years in a bid to import capital goods. Other borrowers are Greenply Industries Limited and SML Isuzu Limited, among others, the RBI data disclosed.

In total, Indian firms borrowed $236 million via the ECB route last month.