The total overseas loans raised by over 40 companies through external commercial borrowings (ECB) and foreign currency convertible bond (FCCB) moved up from $ 1.94 billion in June to $ 2 billion in July, according to the ECB data, released by the RBI on Thursday.
Of the total borrowings, $1.94 billion was raised through automatic route and $ 74 million was mopped up through approval route.
The ECB data for July showed that most of the companies raised overseas funds for import of capital goods, modernisation, projects, among other things.