Funds raised from institutional buyers touch 33-month high

Hindalco, YES Bank, Minda Industries and United Bank of India raised Rs 8,684 crore during March

Monthly fundraising through qualified institutional placements (QIPs) hit 33-month high in March, as companies acted to grab the opportunity in a rising market.

In March, Hindalco Industries (Rs 3,350 crore), Yes Bank (Rs 4,907 crore), Minda Industries (Rs 300 crore) and United Bank of India (Rs 127 crore) collectively raised Rs 8,684 crore via QIP, highest figure in 33 months.

Earlier in June 2014, five companies had raised Rs 9,625 crore through QIPs, according to Prime Database.

"QIPs have mostly been raised by mid-cap and small-cap companies that have done well in stock performance over the past two years. Given the market rally,