Undeterred by a 10 per cent dip in rights issues mobilisation in 2006-07, India Inc looks all set to raise more than Rs 9,000 crore (Rs 90 billion) this fiscal through this oute, a new study says.
As many as 24 companies have lined up rights issues to raise Rs 2,344 crore (Rs 23.44 billion) and at least another 50 companies have plans to mop up Rs 7,700 crore (Rs 77 billion) on expectations of buoyant secondary market and impending revised Securities and Exchange Board of India guidelines, according to database firm on primary markets Prime.
Tata Steel, which plans to raise about Rs 3,655 crore (Rs 36.55 billion), GTL Infrastructure (Rs 1000 crore or Rs 10 billion), Zee Group's Wire and Wireless India (Rs 1,125 crore or Rs 11.25 billion) and JSW Steel (Rs 400 crore or Rs 4 billion) would tap the rights issue route to raise funds, information available with Prime shows.
"Scores of companies continue