Mumbai: Funds raised by listed companies through retail issuance of non-convertible debentures (NCDs) almost halved to Rs 6,912 crore during first eight months of 2014-15 as compared to the same period last year.
An amount of Rs 15,021.73 crore was garnered by companies through 12 issues of NCDs, during April-November 2013, as per the latest data compiled by market regulator Sebi.
NCDs are loan-linked bonds that can't be converted into stock and usually offer higher interest rates than convertible debentures.
Most of the funds were raised to support working capital requirements and for general corporate purposes.
During April-November this year, Rs 6,911.99 crore was raised from as many as 18 NCD issues by companies like Shriram City Union Finance, Kosamattam Finance, SREI Infrastructure Finance, ECL Finance, Manappuram Finance and IFCI Ltd.
The highest amount (Rs 1,974 crore) was garnered by Shriram Transport Finance Company Ltd in July, followed by IFCI Ltd (Rs 1,209.19 crore) in November.
Gold financing company Muthoot Finance raised Rs 466.19 crore through an issue in June and another Rs 397.78 crore in September.
Among others, ECL Finance mopped up Rs 400 crore, SREI Infrastructure Finance's issue garnered Rs 326.14 crore, Manappuram Finance's issue amounted to Rs 278.55 crore and Muthoottu Mini Financiers Ltd mobilised an amount of Rs 269.13 crore, in the current fiscal.
All the companies managed to raise funds, this fiscal, above the initially targeted amount under their respective issues.
