Corporates rake in Rs 55184 cr via bonds

India Inc mobilised Rs 55,184 crore through private placement of bonds in 2004-05. This is 14 per cent higher than Rs 48,428 crore raised in 2003-04.

In 2001-02 and 2002-03, Indian Inc moblised funds worth Rs 45,27 crore and Rs 48,424 crore, respectively. Last year, 114 institutions and corporates took the private placement route to raise money, said a Prime Database release.

Only those deals which have a tenure and put/ call option of more than one year are reflected in this database.

An additional amount of Rs 11,517 crore was raised through 323 deals of less than 1 year tenor bonds by 50 issuers. Moreover, Rs 16,882 crore in 77 deals was raised through pass-through certificates (securitised paper).

Compared with the previous year, the key sector that witnessed an increase in mobilisation last year was the private sector. The share of this sector at Rs 10,191 crore was 58 per cent higher compared with Rs 6,466 crore in the previous year.

Leading the mobilisers in this sector was Citifinancial (Rs 1,905 crore), followed by Tata Teleservices (Rs 999 crore) and Jaiprakash Associates (Rs 930 crore).

A major increase was also recorded in the mobilisation by the all-India financial institutions/ banks, up by 29 per cent from Rs 25,309 crore to Rs 32,652 crore.

Leading the pack of mobilisers in this sector was Rural Electrification Corporation (Rs 5,160 crore), followed by Housing Development Finance Corporation (Rs 5,050) and Nabard (Rs 4,346 crore).

Public sector undertakings (PSUs) also raised their mobilisation by 10 per cent. While the previous year had seen a mobilisation of Rs 5,881 crore, last year the quantum went up to Rs 6,441 crore. The pack was led by Food Corporation of India (Rs 4,024 crore),

State-level undertakings recorded a 46 per cent fall to Rs 3,519 crore compared with Rs 6,564 crore in the previous year. State financial institutions also recorded a fall in mobilisation of funds "" down from Rs 4,208 crore to Rs 2,381 crore, a 43 per cent decline.

Government organisations and financial institutions, put together, witnessed a minor fall, mobilising 82 per cent of the total amount, down from 86 per cent in the previous year.

The highest mobilisation through debt private placements during the period was by REC (Rs 5,160 crore), followed by HDFC (Rs 5,050 crore), NABARD (Rs 4,346 crore), FCI (Rs 4,023 crore), IDBI (Rs 3,254 crore) and NHB (Rs 2,058 crore).

On an industry-wise basis, the financial services sector continued to dominate the market, raising Rs 35,547 crore or 76 per cent of the total amount. Power ranked second with a 16 per cent share (Rs 8,725 crore), followed by food (Rs 4,024).