Janalakshmi Financial Services (JFS), Bengaluru - based microfinance company which will morph into a small finance bank (SFB), has
raised new equity capital of Rs 1,030 crores.
It seems unrealistic to suppose that, on average, the companies making up the S&P 500 would have such attractive access to capital markets that such a large amount
of new equity capital could be raised at those prices.
Bank loans and bonds have replaced stocks, as more stocks have been retired in leveraged buyouts (LBOs) and buyback plans than are being issued to
raise new equity capital.
This holding company has contributed a substantial amount
of new equity capital, in turn, improving Phoenix Life's strength and liquidity.