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This story is from June 30, 2009
Companies line up Rs 15k cr QIP
Suddenly there is a rush to tap funds from institutional investors through placements what is commonly known as QIP issues.
MUMBAI: Suddenly there is a rush to tap funds from institutional investors through placements what is commonly known as QIP issues. As per industry estimates, merchant bankers are pushing through QIP issues aggregating nearly Rs 15,000 crore (over $3 billion) which could be completed before the Budget on Monday. But this sudden rush is making a section of market players uncomfortable.
������Are the number of QIPs being announced too large and can the market absorb them?,'' asked Prateek Agrawal, head-equity, Bharti Axa Mutual Fund.
On Friday, Unitech closed an QIP issues raising close to Rs 2,800 crore. And on Monday, sources said, at least three companies opened their books for institutional investors to bid. ������A few more are lined up for Tuesday through Friday, although Wednesday could witness some subdued activity since the Hong Kong market is closed,'' an institutional dealer with a broking house said.
An interesting aspect of the long list rushing for QIP is most are from real estate and construction sectors.
������Are the number of QIPs being announced too large and can the market absorb them?,'' asked Prateek Agrawal, head-equity, Bharti Axa Mutual Fund.
������Would large number of QIPs impact the market sentiment and the performance of the secondary market?,'' Agrawal asked.
On Friday, Unitech closed an QIP issues raising close to Rs 2,800 crore. And on Monday, sources said, at least three companies opened their books for institutional investors to bid. ������A few more are lined up for Tuesday through Friday, although Wednesday could witness some subdued activity since the Hong Kong market is closed,'' an institutional dealer with a broking house said.
An interesting aspect of the long list rushing for QIP is most are from real estate and construction sectors.
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