Indian Companies Raise Rs 24k cr via NCDs in Apr-September FY'17

Indian companies have raised close to Rs 24,000 crore by issuing non-convertible debentures (NCDs) in the first half of the current fiscal to meet their business needs. In comparison, firms had mobilsed more than Rs 1,502 crore in the April-September period of the preceding financal year. The funds have been raised for expansion plans, to support working capital requirements and other general corporate purposes. 

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According to the latest data with the Securities and Exchange Board of India (Sebi), companies have raised funds totalling Rs 23,901 crore through retail issuance of NCDs during April-September period of 2016-17. In terms of number, funds were raised through 10 issuance in the first half of the current fiscal as compared to 4 in the year-ago period. 

 

During the current fiscal, two firms -- Dewan Housing Finance Corporation Ltd and Kosammattam Finance -- took the NCD route twice to mobilise capital. Individually, Indiabulls Housing Finance raised Rs 7,000 crore against a target of Rs 3,500 crore and Mahindra & Mahindra Financial Services mopped up Rs 1,000 crore against a base size of Rs 250 crore. Edelweiss Housing Finance and Muthoot Finance garnered Rs 500 crore each against a target of Rs 250 crore.