Cashing in on the IT paper chase, Birla Global Finance is learnt to have clocked a huge business from applicants for the KPIT issue. The Rs 11-crore IPO from KPIT has been oversubscribed 50 times. According to sources, Birla Global Finance (BGF) has funded upto 80 per cent of the application amount while the rest has been contributed by investors. ``BGF has given loans at the rate of 18.25 per cent for a duration of 30-45 days and applications have been in joint names,'' said a source in the company.

BGF was the only finance company to extend loans to investors for investment in the KPIT issue and was able to take advantage of the infotech boom in the country. According to market sources, oversubscription of 30 times is attributed to applications from BGF. This means that applicants through Birla Global have poured in Rs 165 crore in the KPIT IPO. ``We are still in the process of compiling the figures and it is very difficult to put a figure now,'' said an official with BGF. ``However, the amount is not very significant,'' he added. ``Not all investors opted for financing 80 per cent of their application money from BGF and it was less in some cases. However, a conservative estimate puts the amount lend at Rs 100 crore,'' pointed out a source. While BGF has been offering loans for investment in IPOs for several years now, the scheme has been virtually dormant with the collapse of the IPO market.