Credit and Finance for MSMEs: Telangana has 26.05 lakh MSMEs out of which 25.94 lakh are micro-enterprises, 10,000 are small units while 1,000 are medium units, according to the MSME Ministry's 2019-20 annual report.
Real estate developer Veer Global Infraconstruction on Monday became the 330th company to list on the BSE SME Platform.
Credit and Finance for MSMEs: In a bid to encourage more MSMEs to go public to meet capital requirements, the Telangana government along with networking portal for small businesses GlobalLinker on Monday partnered with BSE. Apart from helping address finance-related issues and enhancing credibility for MSMEs, BSE would also offer ‘intellectual and manpower support to create awareness about the importance and benefits of listing,” the exchange said. BSE added that there has been a lot of preconceived notions around the listing of small businesses due to lack of awareness around it such as listing involves increased compliance levels, increased costs, etc.
“Currently there are very few MSMEs registered on the stock exchange from Telangana and we would like to see these numbers grow soon,” said Jayesh Ranjan, Principal Secretary, Govt. of Telangana in a statement. Last year the Industries & Commerce Department had introduced the Telangana State GlobalLinker portal for MSMEs to go digital and seek support in growing their business. The state government currently offers a free e-commerce store with payment gateway and logistics capabilities, buyers-sellers connect, support for exports, etc. on the portal.
The tie-up would allow MSME members of the portal to help secure capital even as “MSMEs in the state of Telangana play a vital role in the economic development of the state. They are also one of the major contributors for employment,” said Ashishkumar Chauhan, MD & CEO, BSE. According to the MSME Ministry’s 2019-20 annual report, among 36 states and union territories, Telangana has 26.05 lakh MSMEs out of which 25.94 lakh are micro-enterprises, 10,000 are small units while 1,000 are medium units. Overall, there are 6.33 crore MSMEs in India while a total of 330 SMEs have been listed to date on the BSE SME platform and raised a combined amount of Rs 3,340.36 crore.
“We are hopeful that this initiative will help in getting a lot of SMEs from the state listed on the BSE SME Platform which will contribute to their growth and generate employment,” said Ajaykumar Thakur, Head BSE SME & Startups. The SME platform has already seen 87 companies migrating to the mainboard.
Maharashtra-based real estate developer Veer Global Infraconstruction on Monday became the 330th company to list on the BSE SME Platform. The company came out with an IPO of 1,756,000 equity shares of Rs 10 each for cash at a price of Rs 28 per share, aggregating to Rs 4.92 crore.