Trends in Offer
Documents
|
|
|
|||
|
No.
|
Amount
|
No.
|
Amount
|
|
| Received |
3
|
4359.39
|
5
|
183.95
|
| Cleared |
7
|
4349.18
|
11
|
685.67
|
During the month of April 1999, the SEBI received 3 offer documents for mobilising funds from the market to the tune of Rs.4359.39 crore and cleared 7 issues for Rs. 4349.18 crore. However, in the month of April 1998 only 5 offer documents were received for Rs. 183.95 crore and 11 were cleared for the amount of Rs.685.67 crore. Thus the financial year 1999-200 began on a better note.
Capital Raised
|
|
|
|||
|
No.
|
Amount
|
No.
|
Amount
|
|
| Public |
0
|
0.00
|
2
|
335.84
|
| Rights |
2
|
90.18
|
2
|
73.49
|
| Total |
2
|
90.18
|
4
|
409.33
|
Only 2 issues opened for mobilising Rs.90.18
crore in April 1999 as against Rs. 409.33 crore raised through 4 issues
in April1998. The amount mobilised and the number of issues entering the
market declined in April 1999 as compared to April1998. There was a substantial
decline in amount mobilised in April 1999 to the extent of 77.97 percent
from amount mobilised in April 1998.This indicates the extent of dullness
in the primary market. In April 1999, total amount was collected through
two rights issues and there was no public issue compared to two public
issues for Rs. 335.84 crore in April 1998.
___________________________________________________________________________________________
Note : Figures used in this issue are provisional
Chart 1 : Capital Raised through Public and Rights Issues
|
|
|
|||
|
|
|
No.
|
Amount
|
|
| April |
|
|
4
|
409.33
|
| Total |
|
|
|
409.33
|
Month-wise figures of capital raised are presented
in Table 3. It would be seen that during the month of April 1999 only 2
issues came to market for raising Rs.90.18 crore. In April 1998,however,
4 issues were floated to raise Rs.409.33 crore.
Trends In Large
Issues
There was no issue of the size of Rs. 100 crore and above which opened during April 99. However, in April 1998, there was one issue in the range of Rs.100 crore and above amounting to Rs.300 crore. Not a single mega issue was floated by any bank or financial institution during the month under review.
The average size of the issues (including
public and rights) that entered the market during April 1999 is Rs.45.09
crore as against Rs.102.33 crore during April 1998. It may be noted that
one issue was only of Rs. 14.06 crore in April 1999.
| Issue size |
|
|
||
|
No.
|
Amt.(Cr.)
|
No.
|
Amt.(Cr.)
|
|
| < 5 crore |
0
|
0.00
|
1
|
1.41
|
| =>5cr. <10crs. |
0
|
0.00
|
0
|
0.00
|
| =>10cr. <50crs. |
1
|
14.06
|
1
|
35.84
|
| =>50cr. <100csr. |
1
|
76.12
|
1
|
72.08
|
| =>100cr. <500crs. |
0
|
0.00
|
1
|
300.00
|
| =>500crs. |
0
|
0.00
|
0
|
0.00
|
| Total | ||||
Analysis Of Issues : Listed And IPOs
During the month under review, listed companies
floated 2 issues for Rs 90.18 crore and there was not even a single IPO.
In the same month in 1998, there were however, 3 listed issues for Rs.373.49
crore and one IPO for Rs.35.84 crore. The listed companies share increased
to 100 per cent in April 1999 from 91.24percent in April 1998.
| Companies |
|
|
||
|
|
|
|
|
|
| Listed |
2
|
90.18
|
3
|
373.49
|
| IPOs |
0
|
0.00
|
1
|
35.84
|
| Total | ||||
Chart 2 : Listed
and IPOs Issues during April-March 1998-99
| Sector |
|
|
||
|
No.
|
Amt.(Cr.)
|
No.
|
Amt.(Cr.)
|
|
| Privatesector |
1
|
76.12
|
04
|
409.33
|
| Joint sector |
1
|
14.06
|
0
|
0.00
|
| Public sector |
0
|
0.00
|
0
|
0.00
|
| Total | ||||
Sector-Wise Analysis
Sector-wise break-up of capital raised is presented in Table 6. It would be seen that private sector made 1 issue which accounted for 84.4 percent of the total capital raised followed by joint sector accounting for 15.6 per cent. In absolute term, the private sector raised Rs.76.12 crore during April 1999 compared to Rs. 409.33 crore mobilised through four issues in the corresponding month in 1998.
Appraisal of Issues
|
|
|
|||
|
|
|
|
|
|
| Appraised |
0
|
0.00
|
1
|
35.84
|
| Unappraised |
2
|
90.18
|
3
|
373.49
|
| Total | ||||
Both the issues that entered the market during
the month under review were self-appraised. Thus there were 2 un-appraised
issues (100 percent of the total no of issues) amounting to Rs.90.18 crore
during April 1999 as compared to 3 issues (91.2 percent of the total number
of issues) amounting to Rs. 373.49 crore in corresponding month of the
previous year.
| Industry |
|
|
||
|
No.
|
Amt.(Cr.)
|
No.
|
Amt.(Cr.)
|
|
|
|
0
|
0.00
|
1
|
300.00
|
| Cement & Const. |
0
|
0.00
|
0
|
0.00
|
| Chemical |
0
|
0.00
|
0
|
0.00
|
| Electronic/Electric |
0
|
0.00
|
1
|
72.08
|
| Engineering |
0
|
0.00
|
1
|
1.41
|
| Finance |
0
|
0.00
|
0
|
0.00
|
| Food Processing |
0
|
0.00
|
0
|
0.00
|
| Health Care |
0
|
0.00
|
0
|
0.00
|
| Info. Tech |
0
|
0.00
|
0
|
0.00
|
| Leather |
0
|
0.00
|
0
|
0.00
|
| Metal |
0
|
0.00
|
0
|
0.00
|
| Mining |
0
|
0.00
|
0
|
0.00
|
| Misc. |
1
|
76.12
|
0
|
0.00
|
| Packaging |
0
|
0.00
|
0
|
0.00
|
| Paper & Pulp |
1
|
14.06
|
0
|
0.00
|
| Petrochemical |
0
|
0.00
|
0
|
0.00
|
| Plastic |
0
|
0.00
|
0
|
0.00
|
| Power |
0
|
0.00
|
0
|
0.00
|
| Printing |
0
|
0.00
|
0
|
0.00
|
Industry-Wise Analysis
Industry-wise analysis of resource mobilisation during April 1999 reveals that banks and financial institutions did not enter the market. Only paper and paper pulp industry mobilised Rs. 14.06 crore and an amount of Rs.76.12 crore was mobilised by a company of miscellaneous category. In April 1998, each of the banks / financial institutions, electronics and engineering industries came with one issue each.
Region-Wise Analysis
| Region |
|
|
||
|
No.
|
Amt.(Cr.)
|
No.
|
Amt.(Cr.)
|
|
| Northern |
1
|
76.12
|
2
|
37.25
|
| Eastern |
0
|
0.00
|
1
|
72.08
|
| Western |
0
|
0.00
|
1
|
300.00
|
| Southern |
1
|
14.06
|
0
|
0.00
|
| Total | ||||
Region-wise data on capital raised by the companies is presented in Table 9. During April 1999, only northern and southern regions mobilised Rs. 76.12 crore and Rs.14.06 crore, respectively and the companies from Eastern and Western regions did not enter the market. In terms of percentage share, Northern region mobilised 84.4 percent of the total amount.
Chart 3 : Region-wise
Instrument-wise
Analysis Of Capital Raised
|
|
|
|||
| Type of Instrument |
|
(Rs. in Crs.) |
|
(Rs. in Crs.) |
| Equity at par |
0
|
0.00
|
1
|
35.84
|
| Equity at premium |
2
|
90.18
|
2
|
73.49
|
| CCPs |
0
|
0.00
|
0
|
0.00
|
| Preference Shares |
0
|
0.00
|
0
|
0.00
|
| FCDs |
0
|
0.00
|
0
|
0.00
|
| PCDs |
0
|
0.00
|
0
|
0.00
|
| NCDs |
0
|
0.00
|
0
|
0.00
|
| Bonds |
0
|
0.00
|
1
|
300.00
|
| OCDs(Opnly. Conv. Debts.) & OFCDDs (Op.Fully Conv. Disc. Debts. |
0
|
0.00
|
0
|
0.00
|
| Any Other |
0
|
0.00
|
0
|
0.00
|
| Total | ||||
The details of instrument-wise capital mobilisation are presented in Table 10. The analysis of data reveals that there were only two equity issues which were issued at premium. Thus during April 1999, the entire amount of Rs.90.18 crore was raised through equity. In the corresponding month of the previous year, Rs.109.33 crore was mobilised through equity issues and Rs. 300 crore by one bond issue.
Subscription Details
According to the data available for 2 public
issues from post-issue reports, the details of their subscription are given
in the Table 13.
| April 1999 |
|
| <=2 times |
|
| >2 <=5 times |
|
| >5 <=10 times |
|
| >10 <=20 times |
|
| >20 <=50 times |
|
| >50 <=100 times |
|
| >100 times |
|
available with the SEBI as on May 04, 1999
from the post issue reports from lead managers, there was 1 issue amounting
to Rs.35.84 crore for the month April 98 that was undersubscribed. However,
later on it was subscribed. And therefore, there was no undersubscribed
issue.