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Fund raising via QIP plunges 42% in FY17

Press Trust of India  |  New Delhi 

Indian companies garnered over Rs 8,400 crore from institutional investors in 2016-17, a fall of nearly 42 per cent over the previous fiscal.

The funds were mobilised for business expansion, refinancing of debt, working capital requirements and other general corporate purposes.

As per the data available with Securities and Exchange Board of India, funds raised by listed firms through qualified institutional placement (QIP) route stood at Rs 8,464 crore during 2016-17.

The funds accumulated during 2016-17 were 41.97 per cent lower as compared to 2015-16, when companies had mopped up Rs 14,588 crore.

While there were 20 issues made during 2016-17, the number stood at 24 during the previous fiscal.

March was the busiest month last fiscal, with firms raising Rs 3,627 crore through this route, followed by September and October when they mopped-up Rs 2,210 crore and Rs 1,500 crore respectively.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 18 2017. 17:32 IST