MUMBAI: Indian companies registered overseas borrowings worth $7.04 billion in September, with large infrastructure financiers, energy companies and non-banking financial companies (NBFCs) tapping international lenders for funds, according to the Reserve Bank of India’s (RBI) latest data.
The registrations included $6.71 billion under the general permission route and another $336.94 million under the special permission category. The total covers external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) for which companies were allotted loan registration numbers during the month.
Among the largest transactions was a $1 billion borrowing registered by the National Bank for Financing Infrastructure and Development (NaBFID), with the proceeds earmarked for on-lending. The development finance institution raised the funds through the international capital market, with a maturity of 10 years.
Mangang Constructions also registered a borrowing of about $1 billion for general corporate purposes, with a maturity of 24 years. Danube Industries registered $921.11 million for general corporate purposes, with a 20-year maturity.
Other significant transactions included a $500 million ECB by Hindustan Petroleum Corporation (HPCL) for general corporate purposes and a similar-sized borrowing by Housing and Urban Development Corporation (HUDCO) to refinance rupee loans.
REC registered a $300 million overseas borrowing for general corporate purposes, while NHPC raised $254.51 million for working capital requirements. Adani Airport Holdings registered $100 million to modernise and expand its existing units.
Apart from NaBFID, Sammaan Capital registered $300 million for on-lending or sub-lending, while IIFL Home Finance raised $150 million for the same purpose.
Other NBFCs that tapped overseas markets included UGRO Capital, which registered $100 million, Avanse Financial Services ($70 million), Godrej Finance ($60 million) and Vivriti Capital ($50 million). All four borrowings were intended for on-lending or sub-lending.
Choice Finserv registered $40 million and Satin Creditcare Network $17.27 million for similar purposes.
India Shelter Finance Corporation also registered a $3.06 million foreign currency convertible bond (FCCB) for on-lending, with a maturity of five years.
Vodafone Idea registered a $150 million ECB for local sourcing of capital goods. The borrowing has a 10-year maturity, with the lender classified as a financial institution in an International Financial Services Centre (IFSC).
OneWeb India Communications registered $75 million for importing capital goods, while Lighthouse Learning registered $125 million under the category of other specified purposes.
InterGlobe Aviation, the parent company of IndiGo, accounted for the entire $336.94 million registered under the special permission route. The amount was spread across three ECB transactions intended to finance imports of capital goods, with leasing companies as lenders.
Source: Money Control
