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Six companies including Alok Industries, Golden Goenka file papers for rights issues

Alok Industries is expecting to raise funds worth about Rs551 crore, Golden Goenka Fincorp has offered to mop-up Rs131 crore and Matrix World Wide is planning to garner Rs111.60 crore.

 
Mumbai: As many as six companies, including Alok Industries and Golden Goenka Fincorp, have sought market regulator Securities Exchange Board of India (SEBI)'s approval in the past two months to raise funds through rights issues, reports PTI.
 
Of these companies, four, including Dynacons Systems & Solutions and Kalyanpur Cements, filed their respective draft offer documents with the SEBI last month for raising funds through rights issue.
 
Alok Industries and Golden Goenka Fincorp also filed their papers with SEBI last month, while Food and Inns and Media Matrix World Wide submitted their documents to the regulator in August.
 
In rights issue, shares are issued to existing investors as per their holding at a pre-determined price and ratio.
 
In August, SEBI had given its go-ahead to four rights issues, totalling about Rs5,500 crore, proposed by TV18 Broadcast, Network 18 Media & Investment, Bajaj Finserv and Bhushan Steel.
 
The rights issues of Network 18 and TV 18 would together raise funds worth about Rs4,000 crore, while Bajaj Finserv and Bhushan Steel have offered to raise up to Rs1,000 crore and Rs474 crore, respectively.
 
Among the upcoming rights issues, Alok Industries is expecting to raise funds worth about Rs551 crore, Golden Goenka Fincorp has offered to mop-up Rs131 crore and Matrix World Wide is planning to garner Rs111.60 crore.
 
Food and Inns, Kalyanpur Cements and Dynacons Systems & Solutions have offered to raise up to Rs15.50 crore, Rs10.62 crore and Rs3.94 crore respectively.
 
According to market experts, market stability could be the one reason why companies are opting for an equity issuance to existing shareholders.
 
Out of the six pending applications, five "under process' at SEBI's end, while the regulator has sought clarification or additional information from the merchant bankers of one company, Media Matrix World Wide, as per the latest information, updated till 12 October 2012 with the regulator.
 

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