Companies in India are selling equity at an unprecedented rate, seeking to prepare themselves for what’s forecasted to be the economy’s first contraction in four decades.
The country’s firms have sold $8.9 billion worth of new shares year-to-date, the most on record for such a period, according to data compiled by Bloomberg. Banks account for more than half the total, having raised $5.6 billion this year.
Many of the largest deals have come from lenders, which are also on a record fundraising spree, as they strive to strengthen balance sheets to cope with an expected increase in bad loans. Further,