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Looking abroad

Indian corporates are flocking overseas to raise capital, resulting in a sharp increase in issuance of foreign currency convertible bonds. Uday Lal Pai reports

This year has seen a resurgence in dollar borrowings by Indian corporates, with funds raised from overseas markets totalling $12.77 billion from January to June, representing an increase of 63% from $7.83 billion in the same period last year. The figure for the whole of 2005 was $17.18 billion. Issuance of foreign-currency convertible bond (FCCB) issuance to raise capital has seen a particularly

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