India Inc mops up Rs 68 cr through 91 issues

Corporate India raised Rs. 67,608.5 crore (Rs. 6,760.85 billion) through 91 issues in 2010-11, a rise of over 17 per cent vis-à-vis the previous fiscal, the Securities and Exchange Board of India said on Monday.

"The cumulative mobilised amount for the financial year 2010-11 stood at Rs. 67,608.5 crore (Rs. 6,760.85 billion) through 91 issues, as against Rs. 57,555.1 crore (Rs. 5,755.51 billion) through 76 issues in 2009-10," the market regulator said.

Some of the big-ticket initial public offerings that hit the market in the 2010-11 fiscal were floated by Coal India Ltd, Punjab & Sind Bank, Shipping Corporation of India, MOIL, Power Grid Corporation of India, SKS Microfinance and Engineers India Ltd.

Of these, the Coal India IPO, which was oversubscribed by 15 times at the upper band of Rs. 245, turned out to be the largest offering in the Indian capital market's history, surpassing Reliance Power's Rs. 13,500 crore (Rs 135 billion) listing in 2008.

In March, 2011, companies raised Rs. 6,514.2 crore (Rs. 651.42 billion) through 14 issues in the primary market, a decline of 6.9 per cent compared to the previous month, according to the SEBI April bulletin.

"Of the 14 issues, three issues (Rs. 582.4 crore [Rs. 5.82 billion]) were mobilised through equity public issues, four issues (Rs. 951.8 crore [Rs. 9.51 billion]) through debt issue and seven issues of amount Rs. 4,980 crore (Rs. 49.8 billion) was raised through rights issue," the market regulator said.

The three IPOs that took place in March, 2011, which raised Rs. 582.4 crore (Rs. 5.82 billion) from the primary market, were conducted by Lovable Lingeries Ltd, PTC India Financial Services Ltd and Shilpi Cable Technologies Ltd.