Indian companies raised over Rs 29,300 crore by issuing non-convertible debentures (NCDs) to retail investors in 2018 to meet their business requirements, representing a three-fold surge compare to preceding year. NCDs are loan-linked bonds that cannot be converted into stocks and usually offer higher interest rates than convertible. According to latest data with Securities and Exchange Board of India (Sebi), companies mobilised Rs 29,394 crore through NCD in 2018, much higher than Rs 9,779 crore raised from this route last year. "Lack of corporate lending appetite by PSU banks combined with attractive yields in corporate bond markets over bank rates appear to motivate corporates to shift towards market based borrowing through NCD issuances for raising funds," WGC Wealth Chief Investment Officer Rajesh Cheruvu said. The companies raised money for funding expansion plans, retiring debt, supporting working capital requirements and other general corporate purposes. Firms that tapped NCD route this year are Muthoot Finance, Kosamattam Finance, Srei Equipment Finance, Dewan Housing Finance Corp, JM Financial Credit Solutions, Shriram Transport Finance Company, ECL Finance, Indiabulls Commercial Credit, Tata Capital Financial Services, Aadhar Housing Finance, Manappuram Finance and KLM Axiva Finvest. Kosamattam Finance, Shriram Transport Finance Company and JM Financial Credit Solutions have taken this route twice to garner funds. Individually, Dewan Housing raised Rs 10,945 crore in period under review as against a target of Rs 3,000 crore and Tata Capital Financial Services raked in Rs 3,373 crore against a base size of Rs 2,000 crore.