Whalesbook
SEBI ne kiya streamling, Shareholder loyalty ka funda chala!
Asal mein, FY25-26 mein jo capital markets mein hua hai, woh kaafi interesting hai. Rights Issues jo pehle thoda slow lagte the, woh ekdum se tez ho gaye aur ₹44,290 Crore ka record bana diya, yeh FY97 ke baad sabse zyada hai amount ke hisaab se FY21 ke baad. Dusri taraf, QIPs mein toh half se bhi zyada kami aayi hai – last year ₹1.31 trillion se jismein 85 firms thi, woh kam ho kar 29 firms ne sirf ₹62,954 Crore uthaye hain. Matlab companies ne naye institutional investors se zyada apne existing shareholders par focus kiya, kyunki market mein chal raha tha tension aur SEBI ne bhi regulations ko thoda smooth kar diya.
Market mein tension, toh paisa banane ka rasta bhi badla
FY26 mein market mein kaafi fluctuations the. Corporate earnings slow ho rahi thi, trade tariffs ki worries thi, aur Iran mein chal rahe conflict jaise geopolitical issues ne bhi investors ko pareshan kar rakha tha. Oil prices bhi badh gaye the, jisse inflation ka dar aur badh gaya. In sab wajahon se QIPs karna mushkil ho gaya kyunki woh market conditions aur stock price par depend karte hain. Investment bankers ne bhi kaha ki small aur mid-cap stocks mein toh QIPs karna aur bhi tough ho gaya tha. Stock prices bhi yahi dikha rahe the: Adani Enterprises March 2026 tak ₹1,886.60 ke aas paas tha aur M&M Financial Services ₹315.80 ke paas. Phir bhi, dono ne Rights Issue se kamaal ka paisa uthaya – Adani Enterprises ne ₹24,930 Crore aur M&M Financial Services ne ₹3,000 Crore.
Rights Issue, QIPs se behtar kyun ho gaya?
Pehle QIPs fast hote the aur naye investors late the, jo growth ke liye zaroori tha. Company bina naam bataye fund utha sakti thi. Lekin volatile market mein QIPs ka pricing risky ho jata hai. Rights Issues mein company apne purane shareholders ko target karti hai, jinhe company ki story pata hoti hai. Unki loyalty market ke utaar-chadhav mein company ko support deti hai. Aur haan, SEBI ne isko aur aasan bana diya! April 7, 2025 se ek naya framework aaya hai jismein board approval ke baad sirf 23 working days mein kaam ho jata hai. Draft offer letter ki zaroorat nahi, aur mandatory merchant banker appointment bhi hata diya gaya. Isse yeh process sasta aur tez ho gaya hai, toh jab QIPs risky lag rahe hain, tab yeh best option hai. Adani Enterprises (market cap ₹2,43,681 Crore, P/E 17.24) aur M&M Financial Services (market cap ₹42,561 Crore, P/E 21.3) ne is trend ko dikhaya hai, apne balance sheet ko strong karne ke liye.
Ek chinta: Dilution ka risk?
Par ek baat yeh bhi hai ki Rights Issues ka itna badhna shayad yeh bhi bata raha hai ki companies ko QIPs se naye investors milne mein dikkat ho rahi hai. Ho sakta hai future earnings ya current stock prices ko lekar investors ko koi doubt ho. Rights Issue mein jo discount milta hai woh participating shareholders ke liye accha hai, par woh dilution bhi karta hai. Aur agar promoters khud rights chhod dete hain, toh yeh galat signal de sakta hai ki woh khud aur paisa nahi laga rahe ya kisi khaas investor ko invite kar rahe hain.
Aage kya hoga?
Analysts ko lagta hai ki 2026 mein market thoda stable ho sakta hai, aur bade stocks achha perform kar sakte hain. Rights Issues aur QIPs ka future market ki stability par depend karega. Experts ko lagta hai ki promoters apna control maintain karne ke liye Rights Issues ko prefer karna jaari rakhenge. Lekin agar investors ka confidence wapas aata hai, khas kar mid aur small-cap mein, toh QIPs bhi wapas aayenge. FY27 mein earnings growth hone ki ummeed hai, toh ho sakta hai ki fundraising ka scene phir se balance ho jaaye.