India Inc’s Overseas Fundraise Picks Up Pace in May to USD 4.7 Bn: RBI Data

Mumbai: Indian companies’ proposals to raise money from foreign sources under the external commercial borrowings (ECB) route witnessed a month-on-month jump of 25.8 per cent in May at USD 4.74 billion, the Reserve Bank said on Tuesday.

In April, total ECB filings were down by 30.69 per cent month-on-month.

According to the RBI’s data, total ECB filings stood at USD 4.74 billion in May 2026, as compared to USD 3.77 billion in April 2026. The entire intent was from the general permission, and special permissions remain ‘nil’ in the reporting month.

Among the prominent firms that filed intent in May 2026 with the RBI are Indian Railway Finance Corporation, for USD 1.11 billion, for on-lending and sub-lending; NTPC filed for USD 750 million, for Construction-Development (Infrastructure), and Kisetsu Saison Finance (India) filed two ECB proposals of USD 499.1 million for on-lending and sub-lending, RBI data showed.

Other firms which filed proposals were REC for a USD 300 million fundraise to refinance existing ECB, and Equinix India filed for USD 240 million for modernisation or expansion of existing units.

ECBs are commercial loans raised by eligible resident entities from recognised non-resident entities.

Separately, the filings for the rupee-denominated bonds (RDB) stood at USD 7.322 million in May, with only one firm filing the proposal to raise funds.

Sahrudaya Health-Care filed two RDB of Rs 30 crore for refinancing of rupee loans, and Rs 40 crore for local sourcing of capital goods, RBI data showed.

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