Of this, as much as 35%, i.e. Rs14,200 crore, is likely to be raised by Gujarat-based companies alone.
With Qualified Institutional Placement (QIP) of equity shares increasingly becoming the preferred mode of fund-raising by India Inc, a sum of Rs40,000 crore is planned to be raised through this route in the remaining period of the current calendar year.
Of this, as much as 35%, i.e. Rs14,200 crore, is likely to be raised by Gujarat-based companies alone!
The funds will be used by the companies for modernisation, capacity expansion and retiring expensive debt, says a joint study titled 'QIP - The flavour of Indian Corporate World' by SMC Capital and Assocham.
So far, three Gujarat-based companies have made plans to raise Rs14,200 crore through QIP. Adani Enterprises Ltd - company with the largest net worth in Gujarat and the largest non-state trading firm of the country - aims to raise Rs4,000 crore, which is 10% of the country's total fund mobilisation through QIPs this year.
Another company, Essar Oil, wants to raise Rs9,700 crore, and has obtained approval from its board of directors and shareholders for it. An Ahmedabad-based realty company, Radhe Developers, is also raising Rs500 crore.
"QIP is a good option for companies to raise funds as they get access to huge amounts at one shot. Also, the hassles of approaching a bank or the public for funds are obviated," said Madhur Todi, certified financial planner at Mera Money Advisors Pvt. Ltd.
"QIP is a good option for companies to raise funds as they get access to huge amounts at one shot. Also, the hassles of approaching a bank or the public for funds are obviated," said Madhur Todi, certified financial planner.
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