In comparison, firms had collectively raised Rs 15,022 crore via 12
issues in the April-November period of previous fiscal. Most of the
funds have been raised to support working capital requirements and for
other general corporate purposes. Firms, including Shriram City Union
Finance, Kosamattam Finance, SREI Infrastructure Finance, ECL Finance
and Muthoot Finance, collectively raised Rs 6,928 crore via NCDs in the
current fiscal through 18 issuances, according to data from Securities
and Exchange Board of India (Sebi).
This is more than the initial target of Rs 2,900 crore. Market experts said fund raising via NCDs has been less, compared to the year-ago period as companies have preferred QIPs and rights issues.
Moreover, many companies are looking to raise funds via initial public offers (IPOs) as investor confidence has returned in the equity markets after the formation of a stable government at the Centre.
Individually, Shriram Transport Finance Company raised Rs 1,975 crore against a target of Rs 500 crore; IFCI raked in Rs 1,225 crore against a base size of Rs 250 crore; Muthoot Finance mopped up Rs 466 crore against a target of Rs 250 crore; and ECL Finance garnered Rs 400 crore against Rs 200 crore.
Moreover, SREI Infrastructure Finance, Shriram Transport Finance Company, Kosamattam Finance, Muthoot Finance, Muthoot Fincorp and Muthoottu Mini Financiers tapped the NCD route more than once. In the previous fiscal, about Rs 42,383 crore was generated through 35 issues of NCDs.
This is more than the initial target of Rs 2,900 crore. Market experts said fund raising via NCDs has been less, compared to the year-ago period as companies have preferred QIPs and rights issues.
Moreover, many companies are looking to raise funds via initial public offers (IPOs) as investor confidence has returned in the equity markets after the formation of a stable government at the Centre.
Individually, Shriram Transport Finance Company raised Rs 1,975 crore against a target of Rs 500 crore; IFCI raked in Rs 1,225 crore against a base size of Rs 250 crore; Muthoot Finance mopped up Rs 466 crore against a target of Rs 250 crore; and ECL Finance garnered Rs 400 crore against Rs 200 crore.
Moreover, SREI Infrastructure Finance, Shriram Transport Finance Company, Kosamattam Finance, Muthoot Finance, Muthoot Fincorp and Muthoottu Mini Financiers tapped the NCD route more than once. In the previous fiscal, about Rs 42,383 crore was generated through 35 issues of NCDs.
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