This was much higher than Rs 9,713 crore garnered in the entire last fiscal. Most of the funds have been mobilised for expansion, to support working capital requirements and for other general corporate purposes.

NCDs are loan-linked bonds that cannot be converted into stock and usually offer higher interest rates than convertible debentures.

As per the provisional data with Securities and Exchange Board of India (Sebi), firms raked in a total of Rs 58,533 crore through NCDs in the current fiscal (2015-16) as on March 14.

In terms of numbers, 20 issuances have taken the NCD route in the ongoing fiscal as compared to 25 in the entire 2014-15. Some companies have opted for this route twice during the current fiscal.

Experts said volatile market conditions have forced many companies to opt for NCD route to garner fresh capital.     The BSE's benchmark Sensex has plunged by 9.37 percent so far in the current fiscal after witnessing a sharp gain of 20 per cent in the preceding financial year.

Individually, National Bank for Agriculture and Rural Development (NABARD) raised Rs 14,396 crore against the base size of Rs 3,500 crore.

Besides, National Highways Authority of India (NHAI) mobilised Rs 10,000 crore through first tranche against the base size of Rs 1,000 crore, it further raked in Rs 9,152 crore via second tranche. This was mopped-up against the target of Rs 500 crore.

Indian Railway Finance Corporation garnered Rs 9,832 crore against the target of Rs 500 crore and Housing and Urban Development Corporation (HUDCO) mobilised Rs 8,232 crore against the base amount of Rs 500 crore.

Besides, Indian Renewable Energy Development Agency, NTPC, Rural Electrification Corporation (REC), Power Finance Corporation (PFC), Muthoot Finance, SREI Equipment Finance, SREI Infrastructure Finance, Muthoottu Mini Financiers, Muthoot Fincorp and Kosamattam Finance too have taken this route to garner funds.

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