India gets follow-on boost as shares surge

Less than six months into 2017, Indian corporations have already raised more from follow-on offerings than in the whole of 2016. Banks have played a vital role.

India's equity capital market is on course for another outstanding year.

Two equity follow-up offerings this week worth a combined $2.8 billion have pushed total secondary fundraising for the year to date to $7.2 billion, according to Dealogic, beating the total for the whole of 2016.

And unlike previous bumper years for the market, this year's secondary action is driven more by banks' push for regulatory capital rather than government divestments though government stake sales may further bolster the total in the months ahead.

The latest deals were a Rp150 billion $2.33 billion qualified institutional placement QIP from State Bank of India ...

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