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Unfazed India Inc On Fund Raising Spree, Mobilizes Rs 3.46 Lakh Cr

Author: Finapolis Network/Thursday, October 1, 2020/Categories: Economy

Unfazed India Inc On Fund Raising Spree, Mobilizes Rs 3.46 Lakh Cr

Mumbai: Despite the ‘once in 150 years’ event,’ as described by India’s chief economic adviser KV Subramanian, India Inc seems to be unfazed by the ongoing economic crisis caused by the Covid-19 pandemic. Ever since the lockdown was imposed in India from March 25 onwards, Indian industry raised an encouraging Rs 3.46 lakh crore in the five months between April and August.

An analysis by Antique Stock Broking on fund raising by companies in 2020-21, finds that Reliance Jio raised the lion's share at Rs 1.52 lakh crore, while Reliance Industries Ltd (RIL), through its rights issue, raised Rs 53,135 crore.

The fund raising has happened through different routes like stake sale in a private company such as the case of Reliance Jio, initial public offer (IPO)/follow on public offer (FPO), qualified investors placement (QIP), offer for sale (OFS), secondary sale by promoters and private equity and rights and preference issues.

After Reliance Jio, the big chunk of funds raised came from rights and preference issue, where also RIL dominated. Of the total Rs 65,442 crore rased, RIL raised Rs 53,135 crore. Mahindra and Mahindra Financial Services raised Rs 3,100 crore. In the preference issue category, Indusind Bank raised Rs 3,288 crore.

Another big chunk of fund raising has come from the QIP route with banks and financial institutions dominating. This route raised Rs 61,955 crore for India Inc. While ICICI Bank raised Rs 15,000 crore, HDFC Ltd raised Rs 14,000 crore, Axis Bank Rs 10,000 crore, HDFC NCD issue raised Rs 9,000 crore, Kotak Mahindra raised Rs 7,460 crore, and PI Industries Rs 2,400 crore, among others.

The secondary sale route by promoters and private equity has raised Rs 34,652 crore. The big secondary sales by promoters include Bandhan Bank (Rs 10,000 crore), Bharti (Rs 8,433 crore), Kotak Bank (Rs 6,944 crore), HDFC Bank (Rs 1,000 crore), and Ultra Tech Cement (Rs 126 crore).

The big sales by private equity have been in Embassy by PE fund Blackstone to raise Rs 2270 crore and by Carlyle in Metropolis for Rs 760 crore.

Under the OFS route, HAL raised Rs 5,000 crore while HDFC AMC raised Rs 2,835 crore and HDFC Life raised Rs 1,985 crore among others.

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sudha adika

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The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

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