Discuss the activities associated with the management of Issue of Securities and the role played by Lead Manager in managing the Pre-Issue and Post-Issue activities.
There are several activities that have to be performed by the issue manager in order to raise money from the capital market. Adequate planning needs to be done while chalking out an appropriate marketing. An analytical study of various sources, the quantum, the appropriate time, the cost of raising capital and the possible impact of such resources of the overall capital structure will greatly help this task. The various activities involved in raising funds from the capital markets are described below:
Pre-Issue Activities:
1. Signing of MoU: Signing of MoU between the client company and the merchant banker-issue management activities marks the award of the contract. The role and responsibility of the merchant banker as against the issuing company are clearly spelt out in the MoU.
2. Obtaining appraisal note: An appraisal note containing he details of the proposed capital outlay of the project and the sources of funding is either prepared in-house or is obtained from external appraising agencies viz., financial institutions/banks etc. A project may be funded either by borrowing money from outside agencies or by injecting capital.
3. Optimum capital structure: The level of capital that would maximize the shareholders value and minimize the overall cost of capital has to be determined. This has to be done considering
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