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| India Inc on fund raising spree; mops up Rs 11,714 cr in Q1 |
| Press Trust of India / New Delhi Jul 03, 2009, 17:27 IST |
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Funds raised by India Inc at home and abroad went up five-fold in the first quarter of the current financial year at Rs 11,714 crore, with more than half of it being mobilised in the last week of June.
In the last week of June, Rs 6,553 crore was raised, which accounted for 56 per cent of the total capital of Rs 11,714 crore mobilised in the first quarter of this financial year, market research firm Prime Database said.
Fund raising through various instruments like rights issues, initial public offers (IPOs) and qualified institutional placements (QIPs) during the first three months of FY'10 rose over five-fold from Rs 2,623 crore in the corresponding period in FY'09, it said.
India Inc's primary market activity also rose on a quarter-on-quarter basis with a Rs 278-crore IPO of Mahindra Holidays & Resorts and a Rs 23-crore follow-on public offer (FPO) of Rishabdev Technocable.
"Most companies have been waiting for a stable or a buoyant secondary market, a pre-requisite for fresh capital raising. There is no paucity of issuers. If the market goes on an upward trajectory post Budget, one can hope for a steady stream of issuances thereafter," Prime Database Chairman and Managing Director Prithvi Haldea said.
With as many as 10 companies raising Rs 11,259 crore through institutional placement in the June quarter, QIPs cornered 96 per cent of the total money mobilised.
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