India Inc’s fundraising from overseas up 12% to $9.7 billion in H1 2023

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Indian companies raising money from foreign sources rose 12 percent to $9.7 billion in the first half of 2023, compared to $8.6 billion raised in the same period of 2021-22.

Many companies, led by Reliance Industries, have raised money from abroad, despite changing geopolitical conditions and rising interest rates.

“A lot of companies are raising money inside India as their cash flow improves, and there is enough mutual fund money being invested in rupee-denominated bonds,” said Prabal Banerjee, an advisor on overseas fundraising.

Reliance Jio is currently in talks to raise $1.6 billion in equipment financing from Nokia. Bankers said the outlook for fundraising abroad depended on interest rates.

“If interest rates calm down abroad, many companies will raise money to finance their capital expenditures and refinance their old loans,” said one banker.

First published: June 29, 2023 | 11:01 p.m ist