Instrument wise distribution of primary issues

During 1996-97, 697 equity issues were made at par accounting for 78.85% of the total issues made which raised Rs.3,440.96 crore accounting for 24.09% of the total amount raised. In the corresponding period of the previous year 1995-96, 1,181 issues were made at par accounting for 68.46% of the total issues made raising Rs.4,958.19 crore accounting for 23.83% of the total amount raised. As for premium equity issues, in 1996-97, 148 issues were made accounting for 16.74% of the total number of issues raising Rs.4,411.79 crore accounting for 30.89% of the total amount. In the corresponding period of the previous year, 480 issues were made at premium accounting for 27.83% of the number of issues raising Rs.9,726.68 crore accounting for 46.75% of the total amount raised.

The effects of the high interest rate environment which prevailed during 1996-97 were seen in the primary market also, and one distinctive feature during 1996-97 were debt issues by financial institutions and corporates in the public and private sector. There were altogether 10 bond issues which raised Rs.5,400 crore, 37.80% of the total amount raised as against 6 bond issues raising Rs.2,085.56 crore accounting for 10.02% of the total amount in the corresponding period in the previous year.