Fund raising via NCD surges over 7 fold to Rs 29,000-crore in April-September FY'19
October 03, 2018
As many as 10 companies raised a little over Rs 29,000 crore through issuance of debentures during April-September period of 2018-19, registering a surge of more than seven times from the year-ago period. The funds have been mobilized for business expansion, supporting working capital requirements and other general corporate purposes.
As per the latest data with regulator Securities and Exchange Board of India (Sebi), a total of 10 companies together mopped upRs 29,013 crores through retail issuance of non-convertible debentures (NCDs) in the first six months of the current financial year (2018-19).
These companies are Kosamattam Finance, Muthoot finances -4.43 %, Srei Equipment Finance, Dewan Housing finances -0.49 % Corp, JM Financial Credit Solutions, Shriram Transport Finance Company, ECL Finance, Indiabulls Commercial Credit, Tata Capital Financial Services and Aadhar Housing Finance.
Kosamattam Finance has taken the route twice to garner funds.
In comparison, four companies collected Rs 3,896 crore through this route in the same period of 2017-18. Overall, firms accumulated about Rs 4,950 crore in the entire preceding fiscal.
Muted demand for qualified institutional placements (QIPs), lukewarm secondary market and apprehension over a sustained rise in interest rates attracted companies towards the debentures, market experts said.
Moreover, several firms have announced plans to raise funds through NCDs, which are loan-linked bonds that cannot be converted into stocks and usually offer higher interest rates than the convertible debentures.
Individually, Dewan Housing raised Rs 10,945 crore in the period under review as against a target of Rs 3,000 crore, Shriram Transport garnered Rs 3,648 crore against a target of Rs 1,000 crore and Tata Capital Financial Services raked in Rs 3,433 crore against a base size of Rs 2,000 crore.
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