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Cos garner Rs 3,700 cr via NCDs in April-July FY'18

Press Trust of India  |  New Delhi 

Three companies raised Rs 3,700 crore through retail issuance of non-convertible debentures (NCDs) in the April-July period of the ongoing fiscal to meet their business expansion plans.

In comparison, five companies had collected Rs 2,400 crore through this route in the April-July period of 2016-17.

The funds have been mobilised for business expansion, supporting working capital requirements and other general corporate purposes.

NCDs are loan-linked bonds that cannot be converted into stocks and usually offer higher than convertible debentures.

According to the latest data with markets regulator Sebi, three firms -- Muthoot Finance, Financial Services and Srei Equipment -- have mopped-up funds totalling Rs 3,699 crore through retail issuance of NCDs in the current fiscal till July 31.

Individually, Muthoot raised Rs 1,969 crore as against a target of Rs 200 crore in the ongoing fiscal, Financial Services garnered Rs 1,150 crore as against a target of Rs 250 crore and Srei Equipment raked in Rs 580 crore against a base size of Rs 500 crore.

Overall companies had mobilised about Rs 29,550 crore in the entire preceding fiscal.

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

First Published: Wed, August 09 2017. 18:13 IST