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November 28, 2007 17:47 IST
Tata Steel [Get Quote] and Anil Ambani-led& Reliance Communications [Get Quote] raised $1.375 billion through overseas borrowings and convertible bonds in September, according to data released by the Reserve Bank of India [Get Quote].
Tata Steel, which early this year acquired Anglo-Dutch firm Corus to become the sixth-largest maker of the alloy, raised $875 million for overseas acquisition through foreign currency convertible bonds.
While $500 million were raised through the automatic route, the balance was mobilised after approval from the government.
Mobile player RCoM raised $500 million through external commercial borrowings to refinance existing debt. Mukesh Ambani-run Reliance Petroleum [Get Quote] borrowed $275 million from overseas market during the month, RBI said.
A total of 29 Indian companies raised funds through ECB and FCCB route during the month for overseas takeovers, import of capital goods, modernisation and refinancing old debt.
Essar Steel [Get Quote] also raised $190 million through ECBs in September to retire expensive debts. Great Offshore Ltd [Get Quote] and GE Shipping raised a total of $102 million for buying foreign companies and importing capital goods.
Besides, Champagne Indage [Get Quote], Accentia Technologies [Get Quote], Dynamatics Technologies and Suprajit Engineering [Get Quote] borrowed about $17 million for overseas acquisitions.
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