New Delhi: Fund raising by listed companies from institutional investors plunged by 38 percent to Rs 12,658 crore in the first six months of the current fiscal.


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The funds have been raised for expansion, refinancing of debt and to meet working capital requirements.


According to the data available with the Securities and Exchange Board of India (Sebi), Indian firms garnered Rs 12,658 crore via qualified institutional placement (QIP) route during April-September 2015-16, lower than Rs 20,329 crore mopped-up in the same period of 2014-15.


In terms of numbers, 18 issues were witnessed during the period under review as compared to 23 in the first half of last fiscal.


In the entire 2014-15, a total of Rs 29,102 crore was mopped up through 51 issues.


Market experts attributed the slump in fund raising through QIP route to volatile equity markets.


QIP is an alternative mode of resource raising available for listed companies to raise funds from domestic market.


In a QIP, a listed entity issues equity shares, fully and partly convertible debentures, or other securities that are convertible to equity shares to institutional investors.


In September, firms raked in Rs 4,338 crore through the QIP route, while Rs 231 crore was mobilised in August, Rs 4,824 in July, Rs 1,507 crore in June, Rs 726 crore in May and Rs 1,032 crore in April.