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| India Inc's fund raising dips 73% in H109 |
| Press Trust of India / Mumbai Jul 09, 2009, 18:05 IST |
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India Inc's fund raising spree have dried up in the first six months of this year with just Rs 10,000 crore mopped up, down 73 per cent over the year-ago period.
India Inc has raised Rs 10,072.24 crore in the first half of 2009, as per data compiled by SMC Capitals.
Fund raising through various instruments like rights issues, initial public offers (IPOs), follow-on-public offers and qualified institutional placements (QIPs) during the first six months of 2009 plunged 73 per cent from Rs 36,915.71 crore in the corresponding period in 2008.
While no fund was mobilised in the first two months of the year, corporate India's fund raising have increased on a month-on-month basis. In March, companies together raised Rs 663 crore, followed by Rs 1,621 crore in April, Rs 3,165.45 crore in May and Rs 4,622.01 crore in June.
"While fund raising came to a standstill between January and February, with a recovery in the stock market, firms regained confidence and again tapped equity market for funds," SMC Capitals Equity Head Jagannadham Thunuguntla said.
An analysis of the data indicates that QIPs were the flavour of the corporate houses for raising funds with Rs 9,078.83 crore being mopped up by private placement to institutional investors.
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