Primary mart mop-ups hit Rs 30,511cr

Dispelling myths of lack of depth in the Indian primary markets, about 34 companies mopped up the highest ever amount of Rs 30,511 crore in 2004 - a whopping 14 times higher than a year ago, according to data released by Prime Database today.

"The equity mobilisation of Rs 30,511 crore in 2004 stood almost near to a collective Rs 32,025 crore raised between 1995 and 2003," an official release said.

The impressive performance, according to Prime, was due to offer for sales at Rs 19,808 crore - the bulk of it coming from disinvestment of PSUs at Rs 16,819 crore with ONGC alone garnering about Rs 8,546 crore.

As many as six offers were made by the private sector aggregating Rs 2,989 crore, it said.

While the first half of the year saw a mobilisation of Rs 19,190 crore, the second half witnessed fund raising of Rs 11,321 crore, Prime said.

In terms of raising fresh capital, Prime said it was at an impressive Rs 10,703 crore, 11 times higher from the previous year, it said, adding that the year saw a "near demise" of small issues.

Noting that there were only five issues below Rs 10 crore and three issues were over Rs 5,000 crore, it said "the Rs 10-20 crore public issues appear a thing of the past. India is now in the big league."