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Monetary Management and Financial Intermediation 139

B. Debt

4.38 On the debt side, the funds raised through corporate bonds was around `3.7 lakh crore in
April- November 2021. The amount raised through public issues in debt doubled as 20 public
issues raised `9,132 crore during April-November 2021, as compared to 10 issues which raised
`3,871 crore during the corresponding period of previous year. However, number of issues and
amount mobilized through private placement declined as `3.6 lakh crore was raised through
851 issues during April-November 2021, as compared to `4.9 lakh crore mobilized through
1,299 issues during April-November 2020 (Table 9). Overall, debt mobilization slowed, and this
contrast with equity market suggest an increased appetite for risk among investors.

Table 9: Resource Mobilization in Corporate Bond Market

Public Issues Private Placement
Year Amount Amount
No. of issues No. of issues
(` crore) (` crore)

2016-17 14 29,093 3,377 6,40,716
2017-18 8 5,173 2,706 5,99,147

2018-19 25 36,679 2,358 6,10,318
2019-20 34 14,984 1,787 6,74,703
2020-21 18 10,588 1,995 7,71,840

April-Nov 2020 10 3,871 1,299 4,88,071
April-Nov 2021 20 9,132 851 3,62,458

Source: SEBI
4.39 In addition to equity and debt, corporates are also diversifying into a large number of
new instruments such as hybrids & convertibles, Real Estate Investment Trusts (REITs),
Infrastructure Investment Trusts (InvITs) etc. (Table 10). Resource mobilization by InvITs was
`15,506 crore in April-November 2021.

Table 10: Fund Raising by REITs/InvITs

2019-20 2020-21 Apr 2021-Nov 2021
Mode of Fund raising
No. Amount No. Amount No. Amount
(` crore) (` crore) (` crore)

Total funds mobilised by REITs 0 0 3 14,300 0 0
Listed REITs 0 0 3 14,300 0 0

Total funds mobilised by InvITs 4 11,496 2 40,432 6 15,506
Listed InvITs 3 7,744 1 25,215 5 15,125

Unlisted InvITs 1 3,753 1 15,217 1 382
Source: SEBI