Indian companies raised $4.29 billion, through external commercial borrowings (ECBs) and foreign currency convertible bonds ( FCCBs) in October, to fund modernisation, foreign acquisitions, import of capital goods and onward lending. This is highest since December last year. In December 2011, companies had raised $4.4 billion from the ECBs and FCCBs. The comparable figure for last month, according to Reserve Bank of India ( RBI) data, was $2.77 billion. Of the total, $2.40 billion was via automatic route while $1.89 billion was raised through the approval route, which requires case-by-case approval from RBI.

Source - http://www.business-standard.com