公司财务equity-markets.ppt

Sunil Mahajan - ISMS,1,“It is usually agreed that casinos should in public interest, be inaccessible and expensive. And, perhaps the same is true of Stock Exchanges.” John Maynard Keynes,Sunil Mahajan - ISMS,2,Equities,Corporate structure of organisation Nature of claims Primary and secondary markets Valuation of company IPO & seasoned offering. Private placement.,Sunil Mahajan - ISMS,3,Financial Markets,Firms,Investors,Ram,Kapil,Sunil Mahajan - ISMS,4,Initial Public Offering,Raising finance Liquidity for existing investors Valuation : M&A. Equity compensation to employees. Prestige : marketing, recruitment, funding.,Sunil Mahajan - ISMS,5,Issues in IPO,Domestic/ international Fresh equity/ Offer for sale Pricing Post listing performance Cashflows vis-a-vis assets,Sunil Mahajan - ISMS,6,Investment Banking,Public offering of securities Underwriting of securities Trading of securities Private placement of securities Mergers & acquisition Money management,Sunil Mahajan - ISMS,7,Rights Issue,Issue of shares to existing shareholders on a pro rata basis Rights ratio. No of shares. Price. Amount. Letter of offer Rights renunciation,Sunil Mahajan - ISMS,8,Indian Experience,Controller of Capital Issues Underpricing of shares Free pricing. Prices fixed by the company. Pricing by the market.,Sunil Mahajan - ISMS,9,Fixed Income Securities,Stated future liability of interest & principal Tax deductible No control or ownership by borrower Restrictive covenants Promised cashflows in future Traded & non traded FIS : significance,Sunil Mahajan - ISMS,10,Features,Principal or face value Coupon payment Matur