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    Default Fund raising via primary market surges 77 per cent in July

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    Fund raising by Indian companies through primary market route jumped by 77 per cent to more than Rs 760 crore in July over the previous month, amid sluggish market conditions.

    With the latest funds mop-up by companies, the cumulative amount mobilised for the current fiscal (April-July) has surged to Rs 2,256 crore through nine issues, higher than Rs 1,128 crore raised via 11 issues during the year-ago period.

    According to data available with market regulator Securities and Exchange Board of India (Sebi), companies mopped up a total of Rs 763 crore in July, higher than Rs 432 crore mobilised in June.

    During July, Rs 752 crore was garnered through debt issue, while only Rs 11 crore was raised via equity segment.

    Amount raised through equity segment during the month included two initial public offerings (IPOs) - Money Masters Leasing & Finance Ltd and Alacrity Securities Ltd - listed on small and medium exchange (SME) platform.

    Market experts said that fund raising increased in July over the preceding month. However, capital garnered through equity segment was very low owing to weak market sentiment and slowdown in economy, they added.

    "During July 2013, Rs 763.2 crore were mobilised in the primary market by way of three issues as compared to Rs 432 crore mobilised through two issues in June 2013, showing an increase of around 76.7 per cent over the previous month," Sebi noted.

    In the financial year 2012-13, companies had raked in Rs 32,455 crore via primary market - the lowest since 2008-09 when they had garnered Rs 16,220 crore.

 

 

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