According to Prime Database, given the buoyant state of secondary capital market, the current fiscal was likely to see a significant improvement in mobilisation through rights route. In the last four months of the current fiscal, there have been eight rights issues, aggregating Rs 391 crore, which compares favourably with eight issues for Rs 141 crore in the corresponding period of the previous year, it said in a statement here today.

Significantly, all these eight issues have sailed through comfortably, given the buoyant state of the secondary market. While ACC raised Rs 188 crore through the rights issues, the others were Whirlpool (Rs 76 crore), Kodak (Rs 73 crore), Abbot (Rs 23 crore), Andhra Pradesh Paper (Rs 14 crore), Hindustan Spinning (Rs 7 crore), Herdillia Chemicals (Rs 6 crore) and Epic Enzymes (Rs 4 crore).

There were 11companies which have already obtained the Securities and Exchange Board of India (SEBI) approval for rights issue and these included IFCI (Rs 354 crore), Birla Corp (Rs 66 crore), Siemens (Rs 128 crore) and SIV Industries (Rs 35 crore).

Prime said another eight companies have proposed to come out with rights issues and approached SEBI for its nod. These included Henkel SPIC for Rs 117 crore, International Bestfoods (Rs 47 crore) and Hindstan National glass (Rs 15 crore) among others.

Significantly, in the past 45 days alone, over 15 more rights issue plans have been announced. These included Bajaj Tempo, CMC, Electrolux, Kelvinator, DCW, Essar Steel, Hotel Leelaventure and Malabar Trading.

Additionally, during the earlier part of the year, intentions of floating rights issues have been announced by at least 20 companies including JCT Electronics, S Kumars, Timex Watches, Nainital Bank, Shyam Telecom, Modi GBC, Wockhardt Healthcare, Tasty Bite Eatables, Balmer Lawrie freight among others.

Primepredicted over 60 rights issues by corporates aggregating Rs 2,000 crore during the current fiscal as many companies were also expected to announce their plans for rights issues in the near future.