India Inc borrowed 10% less from foreign market
Source: PTI India Inc raised $3.16 billion from overseas markets in November 2015, down 9.5% from a year ago, RBI data showed on Monday. Of the total borrowings, by way of external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), $2.11 billion was raised through the approval process while $1.05 billion came through the automatic route. As many as 53 companies raised money from the automatic route and 4 via approval, showed RBI data. In the approval category, ONGC Videsh Limited raised $1.78 billion for refinancing of an earlier ECB and the Rural Electrification Corporation mobilised $300 million for on-lending. In the automatic mode, the major borrowers were Indian Railway Finance Corporation ($400 million) for refinancing of an earlier ECB ...
Security for External Commercial Borrowings
Dated 1st January, 2015 | Copy of | A.P. (DIR Series) Circular No.55 | Attention of Authorised Dealers Category-I (AD Category-I) banks is invited to Paragraphs 1 (A)(vii) and 1 (B) (vi) of Annex to A P (DIR Series) Circular No. 5 dated August 1, 2005 and A P (DIR Series) Circular No. 1 dated July 11, 2008 relating to creation of charge over securities for External Commercial Borrowings (ECB). 2. Under the extant ECB guidelines, the choice of security to be provided to the overseas lender/supplier for securing ECB is left to the borrower. With a view to liberalising, expanding the options of securities and consolidating various provisions related to creation of charge over securities for ECB at one ...
