NEW DELHI: India Inc raised Rs 46,778 crore through the public equity offerings in the current financial year, 23 times higher than Rs 2,034 crore
mopped up in the last fiscal, a study says. According to an analysis by Prime Database, which tracks primary capital market, companies raised a whopping Rs 46,778 crore in 2009-10 through the public offerings dominated by the state-run firms, which raised Rs 30,942 crore or 66 per cent of the total amount. The mobilisation in the year could have been higher but due to the continuing volatility in the secondary market and poor post-IPO performance of some companies in the early part of the fiscal, fund raising plan failed to breach the record level of Rs 52,219 crore raised in 2007-08. Nevertheless, the financial year 2009-10 amount stands as the second-highest ever and is almost double of each of the preceding years of 2004-05, 2005-06 and 2006-07, as per Prime. Interestingly, after several years, the mobilisation was almost equally shared by initial public offers (IPOs) and the follow-on public offers (FPOs), the study added. Fund raised by public sector undertakings was the highest ever amount mobilised by them. The last time when the PSUs had raised the biggest amount was in the 2003-04 at Rs 16,563 crore, Prime Database CMD Prithvi Haldea said in a statement. Of the Rs 30,942 crore raised in current financial year, Rs 21,162 crore was through divestments and Rs 9,780 crore through fresh capital. A total of six PSU companies entered the market in FY'10, led by NMDC (Rs 9,791 crore) followed by NTPC (Rs 8,480 crore), NHPC (Rs 6,039 crore), REC (Rs 3,530 crore), Oil India (Rs 2,777 crore) and United Bank of India (Rs 325 crore).
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