Apart from the doubtful quality of many of the new issues, an important case which shook the markets in early 1995 was the Rs. 350 crore Fully Convertible Debentures (FCD) issue of . Shoes. The company was accused of inadequate disclosures. Taking advantage of free pricing of issues, many companies charged high premium. But the post-listing returns proved to be disappointing. In the post- liberalisation period a good number of companies were not only non-manufacturing ones, but the purpose of issue also varied from project finance to working capital. In terms of numbers, about one-third of the issues were by.
