India Inc mops up Rs 21k-cr via share sale

India Inc has mobilised over Rs 21,000 crore through share sale.

India Inc has mobilised over Rs 21,000 crore through share sale to institutional investors in the past six months,which is nearly half the amount proposed to be raised by these companies.

According to data compiled by SMC Capital,during the period starting March 2009,Indian corporates raised about Rs 21,377 crore through 29 Qualified Institutional Placement (QIP) issuances.

“The companies are preparing for a second round of institutional placement. The firms which have not raised the amount they had proposed initially is most likely to launch another QIP issue,” SMC Capital Equity Head Jagannadham Thunuguntla said.

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Despite the fact that Indian corporates were quite aggressive in QIP fund raising in the past six months,on an average they raised only 48.63 per cent of the amount approved by their board or shareholders,he said.

Early this year,India Inc announced intentions for raising funds through QIP,as all possible sources of fund raising dried up.

Of the total fund raised thorough the QIP route in the past six months,over Rs 10,300 crore,comprising nearly half of the total amount raised,has been mobilised by the cash-starved real estate companies,including DLF,Unitech and Indiabulls Realestate.

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