{"id":21018,"date":"2025-04-24T17:22:06","date_gmt":"2025-04-24T14:22:06","guid":{"rendered":"https:\/\/www.hissesenedibasim.com\/?p=21018"},"modified":"2025-04-28T14:35:39","modified_gmt":"2025-04-28T11:35:39","slug":"tahsisli-sermaye-artirimi-nedir","status":"publish","type":"post","link":"https:\/\/www.hissesenedibasim.com\/1\/tahsisli-sermaye-artirimi-nedir\/","title":{"rendered":"Tahsisli Sermaye Art\u0131r\u0131m\u0131 Nedir? Nas\u0131l Hesaplan\u0131r?"},"content":{"rendered":"<figure style=\"height:420px;\" class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1067\" src=\"https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-nedir.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Tahsisli Sermaye Art\u0131r\u0131m\u0131 Nedir\" style=\"height:420px;object-fit:cover;\" srcset=\"https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-nedir.jpg 1600w, https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-nedir-300x200.jpg 300w, https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-nedir-1024x683.jpg 1024w, https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-nedir-768x512.jpg 768w, https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-nedir-50x33.jpg 50w, https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-nedir-1536x1024.jpg 1536w, https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-nedir-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" title=\"\"><\/figure>\n\n\n<p>Tahsisli sermaye art\u0131r\u0131m\u0131 nedir? Bu soru, \u015firket hissedarlar\u0131n\u0131n stratejik karar s\u00fcre\u00e7lerinde s\u0131kl\u0131kla g\u00fcndeme gelir. Tahsisli sermaye art\u0131r\u0131m\u0131 \u015firketin yaln\u0131zca belirli ki\u015fi veya kurumlara yani hedeflenmi\u015f yat\u0131r\u0131mc\u0131lara \u00f6zel olarak yeni hisse senetleri ihra\u00e7 ederek sermayesini art\u0131rmas\u0131d\u0131r. Bu y\u00f6ntem, halka arz d\u0131\u015f\u0131 fon sa\u011flama yoludur ve \u015firketin sermaye yap\u0131s\u0131n\u0131 hedeflerine uygun olarak g\u00fc\u00e7lendirmesini sa\u011flar. Halka a\u00e7\u0131k \u015firketlerde bu uygulama Sermaye Piyasas\u0131 Kurulu\u2019nun denetimi ve onay\u0131yla y\u00fcr\u00fct\u00fcl\u00fcr.<\/p>\n\n\n\n<p>Genellikle stratejik ortakl\u0131k kurma amac\u0131yla tercih edilen bu y\u00f6ntem, yeni yat\u0131r\u0131mc\u0131lar\u0131 \u015firkete h\u0131zl\u0131 \u015fekilde dahil etme imk\u00e2n\u0131 sunar. Mevcut hissedarlar i\u00e7in bu s\u00fcre\u00e7 potansiyel de\u011fer art\u0131\u015f\u0131 ve yat\u0131r\u0131mc\u0131 taban\u0131n\u0131n geni\u015fletilmesi anlam\u0131na gelir. <a href=\"https:\/\/www.hissesenedibasim.com\/sermaye-artirimi-nedir\/\">Sermaye art\u0131r\u0131m\u0131 nedir?<\/a> konusunu di\u011fer sayfam\u0131zda i\u015fledi\u011fimizden bu yaz\u0131m\u0131zda bahsetmeyece\u011fiz.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tahsisli_Sermaye_Artirimi_Neden_Yapilir\"><\/span><strong>Tahsisli Sermaye Art\u0131r\u0131m\u0131 Neden Yap\u0131l\u0131r?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Tahsisli sermaye art\u0131r\u0131m\u0131 yap\u0131lmas\u0131n\u0131n arkas\u0131nda \u00e7e\u015fitli sebepler vard\u0131r. \u015eirketler faaliyetlerini s\u00fcrd\u00fcrebilmek, yeni projelere finansman bulmak, ara\u015ft\u0131rma ve geli\u015ftirme yat\u0131r\u0131mlar\u0131n\u0131 art\u0131rmak veya bor\u00e7luluk oranlar\u0131n\u0131 d\u00fc\u015f\u00fcrmek i\u00e7in bu y\u00f6ntemi kullanabilir. \u00d6zellikle ekonomik dalgalanmalar\u0131n ya\u015fand\u0131\u011f\u0131 d\u00f6nemlerde, h\u0131zl\u0131 kaynak temini ihtiyac\u0131 do\u011far. Bu durumda tahsisli art\u0131r\u0131mlar geleneksel finansman y\u00f6ntemlerine g\u00f6re daha h\u0131zl\u0131 ve g\u00fcvenilir bir \u00e7\u00f6z\u00fcm sunar.<\/p>\n\n\n\n<p>Ayr\u0131ca bu y\u00f6ntem, \u015firketin b\u00fcy\u00fcme stratejilerinin bir par\u00e7as\u0131 olarak da tercih edilebilir. Yeni bir pazara giri\u015f yeni bir teknoloji yat\u0131r\u0131m\u0131 ya da stratejik bir birle\u015fme i\u00e7in gereken fon, tahsisli sermaye art\u0131r\u0131m\u0131 ile elde edilebilir. Bu y\u00f6n\u00fcyle sadece mali bir i\u015flem de\u011fil, ayn\u0131 zamanda vizyoner bir yat\u0131r\u0131m plan\u0131d\u0131r. Mevcut ortaklar i\u00e7in ilk bak\u0131\u015fta pay seyreltici bir etki yaratsa da, \u015firketin de\u011ferine uzun vadede yapaca\u011f\u0131 katk\u0131 bu etkiyi telafi edebilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kontrolmatik_tahsisli_sermaye_artirimi\"><\/span>Kontrolmatik tahsisli sermaye art\u0131r\u0131m\u0131<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Borsada KONTR tahsisli sermaye art\u0131r\u0131m\u0131<\/strong> son g\u00fcnlerde yat\u0131r\u0131mc\u0131lar\u0131n dikkat kesildi\u011fi s\u0131cak bir geli\u015fme haline geldi. \u00d6zellikle &#8220;Bu art\u0131r\u0131m\u0131n yat\u0131r\u0131mc\u0131lara ne kazand\u0131raca\u011f\u0131?&#8221; sorusu g\u00fcndemde. <strong>Kontrolmatik Teknoloji Enerji ve M\u00fchendislik A.\u015e.<\/strong>, 650 milyon TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermayesini <strong>44,5 milyon TL art\u0131rarak<\/strong> 694,5 milyon TL&#8217;ye y\u00fckseltme karar\u0131 ald\u0131. Bu art\u0131r\u0131m yaln\u0131zca mevcut ortaklar <strong>Sami Aslanhan<\/strong> ve <strong>\u00d6mer \u00dcnsalan<\/strong>&#8216;a tahsisli olarak yap\u0131lacak ve halka arz edilmeyecek.<\/p>\n\n\n\n<p><strong>Peki bu yat\u0131r\u0131mc\u0131lar i\u00e7in ne anlama geliyor?<\/strong><\/p>\n\n\n\n<p>\u00d6ncelikle, <strong>\u015firketin ortaklar\u0131na olan bor\u00e7lar\u0131 \u00f6z sermayeye d\u00f6n\u00fc\u015ft\u00fcr\u00fcl\u00fcyor<\/strong>. Aslanhan ve \u00dcnsalan daha \u00f6nce \u015firkete <strong>faizsiz<\/strong> olarak <strong>2,4 milyar TL<\/strong> ve <strong>98 milyon USD<\/strong> nakit sa\u011flam\u0131\u015ft\u0131. Bu kaynak, i\u015fletme sermayesinin desteklenmesi ve yat\u0131r\u0131mlar\u0131n finanse edilmesi i\u00e7in kullan\u0131ld\u0131. \u015eimdi bu alacaklar sermaye art\u0131r\u0131m\u0131yla \u015firkete resmen sermaye olarak kazand\u0131r\u0131l\u0131yor. <strong>Bu durum \u015firketin bor\u00e7 y\u00fck\u00fcn\u00fc azalt\u0131yor ve finansal tablolar\u0131 g\u00fc\u00e7lendiriyor.<\/strong><\/p>\n\n\n\n<p>Art\u0131r\u0131lan sermaye, Borsa \u0130stanbul&#8217;un toptan al\u0131\u015f-sat\u0131\u015f prosed\u00fcr\u00fcne uygun \u015fekilde, <strong>nominal de\u011ferin alt\u0131nda olmamak kayd\u0131yla<\/strong> belirlenecek bir fiyat \u00fczerinden ihra\u00e7 edilecek. \u0130hra\u00e7 edilen paylar <strong>nama yaz\u0131l\u0131<\/strong> ve <strong>imtiyazs\u0131z<\/strong> olacak. Sermaye Piyasas\u0131 Kurulu&#8217;nun onay\u0131yla s\u00fcre\u00e7 ilerleyecek ve ilgili paylar borsada i\u015flem g\u00f6recek.<\/p>\n\n\n\n<p><strong>Yat\u0131r\u0131mc\u0131lar i\u00e7in bu s\u00fcre\u00e7 birka\u00e7 avantaj i\u00e7eriyor:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u015eirketin bor\u00e7luluk oran\u0131 d\u00fc\u015fecek<\/strong>, b\u00f6ylece finansal risk azalacak.<\/li>\n\n\n\n<li><strong>\u00d6z kaynaklar g\u00fc\u00e7lenecek<\/strong>, bu da \u015firketin b\u00fcy\u00fcme ve yat\u0131r\u0131m yapma kabiliyetini art\u0131racak.<\/li>\n\n\n\n<li><strong>Finansal tablolar daha \u015feffaf hale gelecek<\/strong>, bu da yat\u0131r\u0131mc\u0131 g\u00fcvenini peki\u015ftirecek.<\/li>\n\n\n\n<li><strong>B\u00fcy\u00fcme projeleri i\u00e7in ek kaynak yarat\u0131lacak<\/strong>, bu da gelecekte hisse de\u011ferini olumlu etkileyebilir.<\/li>\n<\/ul>\n\n\n\n<p>\u00d6zetle, <strong>Kontrolmatik&#8217;in tahsisli sermaye art\u0131r\u0131m\u0131<\/strong>, hem \u015firketin mali yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendiriyor hem de uzun vadede yat\u0131r\u0131mc\u0131lar i\u00e7in daha sa\u011flam bir \u015firket yap\u0131s\u0131n\u0131n temelini at\u0131yor. \u00d6zellikle enerji ve m\u00fchendislik sekt\u00f6rlerindeki b\u00fcy\u00fcme projelerinde kullan\u0131lacak bu kaynak, \u015firketin gelece\u011fini daha parlak hale getirece\u011fini d\u00fc\u015f\u00fcn\u00fcyoruz.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tahsisli_Sermaye_Artirimi_Nasil_Hesaplanir\"><\/span>Tahsisli <strong>Sermaye Art\u0131r\u0131m\u0131 Nas\u0131l Hesaplan\u0131r?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Sermaye art\u0131r\u0131m\u0131 hesaplamalar\u0131 teknik fakat stratejik a\u00e7\u0131dan son derece \u00f6nemlidir. \u015eirketler bu s\u00fcre\u00e7te hem mevzuata uygunluk sa\u011flamak hem de yat\u0131r\u0131mc\u0131 g\u00fcvenini sarsmamak ad\u0131na \u015feffaf bir hesaplama y\u00f6ntemi izlemelidir. \u0130lk olarak mevcut sermaye miktar\u0131 tespit edilir. Ard\u0131ndan art\u0131r\u0131lmak istenen tutar belirlenir ve bu tutar\u0131n nominal pay de\u011ferine b\u00f6l\u00fcnmesiyle ihra\u00e7 edilecek yeni pay say\u0131s\u0131 hesaplan\u0131r.<\/p>\n\n\n\n<p><strong>\u00d6rnek vermek gerekirse<\/strong>, 20 milyon TL \u00e7\u0131kar\u0131lm\u0131\u015f sermayeye sahip bir \u015firket 10 milyon TL tahsisli sermaye art\u0131r\u0131m\u0131 yapacaksa ve nominal hisse de\u011feri 1 TL ise, 10 milyon adet yeni pay \u00e7\u0131kar\u0131l\u0131r. Ancak bu sadece nominal hesapt\u0131r. Ger\u00e7ek piyasa ko\u015fullar\u0131nda hisse fiyat\u0131 nominal de\u011ferin \u00fczerinde belirlenebilir. Bu durumda ihra\u00e7 fiyat\u0131 ile nominal de\u011fer aras\u0131ndaki fark \u015firketin sermaye yedeklerine eklenir.<\/p>\n\n\n\n<p>Bu farktan do\u011fan &#8220;emisyon primi&#8221;, \u015firketin \u00f6zkaynaklar\u0131n\u0131 g\u00fc\u00e7lendirir. Ayn\u0131 zamanda yat\u0131r\u0131mc\u0131lar\u0131n \u015firkete olan g\u00fcvenini de peki\u015ftirir. Ancak t\u00fcm bu hesaplamalar\u0131n do\u011frulu\u011fu, Sermaye Piyasas\u0131 Kurulu (SPK)taraf\u0131ndan yetkilendirilmi\u015f <a href=\"https:\/\/spk.gov.tr\/kurumlar\/bagimsiz-denetim-kuruluslari\/bagimsiz-denetim-kuruluslari-tanitim-rehberi\" target=\"_blank\" rel=\"noopener\">Ba\u011f\u0131ms\u0131z Denetim firmalar\u0131<\/a> taraf\u0131ndan teyit edilmeli KAP \u00fczerinden kamuoyuyla payla\u015f\u0131lmal\u0131d\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tahsisli_Sermaye_Artirimi_Hisseye_Nasil_Yansir\"><\/span><strong>Tahsisli Sermaye Art\u0131r\u0131m\u0131 Hisseye Nas\u0131l Yans\u0131r<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"841\" src=\"https:\/\/www.hissesenedibasim.com\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-hisseye-nasl-yansir-1024x841.jpg\" alt=\"Tahsisli Sermaye Art\u0131r\u0131m\u0131 Hisseye Nas\u0131l Yans\u0131r\" class=\"wp-image-21026\" style=\"width:298px;height:auto\" title=\"\" srcset=\"https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-hisseye-nasl-yansir-1024x841.jpg 1024w, https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-hisseye-nasl-yansir-300x246.jpg 300w, https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-hisseye-nasl-yansir-768x631.jpg 768w, https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-hisseye-nasl-yansir-50x41.jpg 50w, https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-hisseye-nasl-yansir.jpg 1600w, https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-hisseye-nasl-yansir-1536x1261.jpg 1536w, https:\/\/www.hissesenedibasim.com\/1\/wp-content\/uploads\/2025\/03\/tahsisli-sermaye-artirimi-hisseye-nasl-yansir-2048x1681.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p>Tahsisli sermaye art\u0131r\u0131m\u0131 hisse senedi piyasas\u0131nda \u00f6nemli bir etki yarat\u0131r. Bu etki olumlu da olabilir, olumsuz da. Etkinin y\u00f6n\u00fcn\u00fc belirleyen temel fakt\u00f6rler; yat\u0131r\u0131mc\u0131 profili, ihra\u00e7 fiyat\u0131, fonlar\u0131n kullan\u0131m amac\u0131 ve kamuoyuna yap\u0131lan bilgilendirme a\u00e7\u0131klamalar\u0131d\u0131r.<\/p>\n\n\n\n<p>E\u011fer art\u0131r\u0131m s\u00fcreci stratejik yat\u0131r\u0131mc\u0131lar \u00fczerinden, adil fiyatlarla ve \u015firketin uzun vadeli geli\u015fimi amac\u0131yla ger\u00e7ekle\u015ftirilmi\u015fse bu durum piyasada pozitif bir alg\u0131 olu\u015fturur. Hisse fiyat\u0131 y\u00fckselme e\u011filimi g\u00f6sterebilir. Tam tersi durumda \u00f6zellikle mevcut ortaklar\u0131n haklar\u0131 g\u00f6zetilmeden yap\u0131lan d\u00fc\u015f\u00fck fiyatl\u0131 ihra\u00e7larda, piyasada negatif bir alg\u0131 olu\u015fabilir ve hisse fiyat\u0131 d\u00fc\u015f\u00fc\u015f ya\u015fayabilir.<\/p>\n\n\n\n<p>Bu nedenle \u015firketlerin bu s\u00fcreci sadece yasal de\u011fil, ayn\u0131 zamanda yat\u0131r\u0131mc\u0131 dostu politikalarla y\u00fcr\u00fctmesi gerekir. Art\u0131r\u0131m sonras\u0131 hisseye olan etkiler anl\u0131k fiyat de\u011fi\u015fimleriyle s\u0131n\u0131rl\u0131 kalmaz. \u015eirketin yeni kaynaklar\u0131 nas\u0131l de\u011ferlendirdi\u011fi yap\u0131lan yat\u0131r\u0131mlar\u0131n geri d\u00f6n\u00fc\u015f\u00fc ve genel performans\u0131 hisse fiyat\u0131n\u0131 uzun vadede \u015fekillendirir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tahsisli_Sermaye_Artiriminda_Fiyat_Nasil_Belirlenir\"><\/span><strong>Tahsisli Sermaye Art\u0131r\u0131m\u0131nda Fiyat Nas\u0131l Belirlenir?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Tahsisli art\u0131r\u0131mlarda en kritik ad\u0131mlardan biri, ihra\u00e7 edilecek paylar\u0131n fiyat\u0131n\u0131n belirlenmesidir. Bu fiyat hem yeni yat\u0131r\u0131mc\u0131n\u0131n ilgisini \u00e7ekecek d\u00fczeyde cazip olmal\u0131 hem de mevcut hissedarlar\u0131n haklar\u0131n\u0131 g\u00f6zetmelidir. SPK\u2019n\u0131n ilgili tebli\u011flerinde belirtilen y\u00f6ntemlere g\u00f6re fiyat belirlenirken genellikle \u015fu kriterler dikkate al\u0131n\u0131r:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Son 30-60 g\u00fcnl\u00fck borsa fiyat ortalamas\u0131<\/li>\n\n\n\n<li>Net aktif de\u011fer y\u00f6ntemi<\/li>\n\n\n\n<li>Sekt\u00f6rdeki benzer \u015firketlerle kar\u015f\u0131la\u015ft\u0131rmal\u0131 de\u011ferleme (\u00e7arpan analizi)<\/li>\n<\/ul>\n\n\n\n<p>Bu verilerden elde edilen fiyat ba\u011f\u0131ms\u0131z denetim kurulu\u015flar\u0131n\u0131n haz\u0131rlad\u0131\u011f\u0131 de\u011ferleme raporlar\u0131yla desteklenmelidir. \u00d6zellikle piyasa \u00e7arpanlar\u0131 ve son finansal tablolar \u0131\u015f\u0131\u011f\u0131nda yap\u0131lan kar\u015f\u0131la\u015ft\u0131rmalar, yat\u0131r\u0131mc\u0131lar i\u00e7in fiyat\u0131n adil olup olmad\u0131\u011f\u0131n\u0131 g\u00f6steren en \u00f6nemli g\u00f6stergelerdendir.<\/p>\n\n\n\n<p>Fiyatlama s\u00fcrecinin sonunda belirlenen ihra\u00e7 fiyat\u0131 \u015firket taraf\u0131ndan Kamuyu Ayd\u0131nlatma Platformu (KAP) \u00fczerinden a\u00e7\u0131klanmal\u0131 ve kamuoyunun bilgiye \u015feffaf \u015fekilde eri\u015fimi sa\u011flanmal\u0131d\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tahsisli_Sermaye_Artirimi_Iyi_midir\"><\/span><strong>Tahsisli Sermaye Art\u0131r\u0131m\u0131 \u0130yi midir?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Tahsisli sermaye art\u0131r\u0131m\u0131 iyi midir? Bu sorunun yan\u0131t\u0131, art\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftiren \u015firketin ama\u00e7lar\u0131na ve uygulama \u015fekline ba\u011fl\u0131d\u0131r. Do\u011fru ellerde ve stratejik hedeflerle yap\u0131ld\u0131\u011f\u0131nda tahsisli art\u0131r\u0131mlar \u015firketin b\u00fcy\u00fcmesine do\u011frudan katk\u0131 sunar. Yeni pazarlara a\u00e7\u0131lma, teknoloji yat\u0131r\u0131mlar\u0131, rekabet g\u00fcc\u00fcn\u00fcn art\u0131r\u0131lmas\u0131 gibi bir\u00e7ok stratejik hedefe tahsisli sermaye art\u0131r\u0131m\u0131yla ula\u015f\u0131labilir.<\/p>\n\n\n\n<p>Bu y\u00f6ntem sayesinde \u015firket, vizyonunu payla\u015fan ve de\u011fer yaratacak yat\u0131r\u0131mc\u0131larla ortakl\u0131k kurma \u015fans\u0131 yakalar. Ancak s\u00fcrecin k\u00f6t\u00fc y\u00f6netilmesi durumunda, \u00f6rne\u011fin d\u00fc\u015f\u00fck fiyatl\u0131 sat\u0131\u015flar veya \u015feffaf olmayan i\u015flemlerle y\u00fcr\u00fct\u00fclmesi halinde hissedarlar\u0131n g\u00fcveni sars\u0131labilir. Bu y\u00fczden tahsisli art\u0131r\u0131mlar\u0131n ba\u015far\u0131s\u0131 \u015feffafl\u0131k, adil fiyatlama ve uzun vadeli stratejiyle do\u011fru orant\u0131l\u0131d\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tahsisli_Sermaye_Artirimi_Sonrasi_Hisse_Fiyati\"><\/span><strong>Tahsisli Sermaye Art\u0131r\u0131m\u0131 Sonras\u0131 Hisse Fiyat\u0131<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Art\u0131r\u0131mlar a\u00e7\u0131kland\u0131ktan sonra hisse fiyatlar\u0131nda dalgalanmalar g\u00f6r\u00fclebilir. Bu dalgalanman\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc ve y\u00f6n\u00fc yat\u0131r\u0131mc\u0131lar\u0131n art\u0131r\u0131ma dair beklentilerine g\u00f6re \u015fekillenir. E\u011fer yat\u0131r\u0131mc\u0131lar, tahsisli art\u0131r\u0131m\u0131n \u015firketin gelece\u011fi a\u00e7\u0131s\u0131ndan olumlu bir ad\u0131m oldu\u011funa inan\u0131rsa fiyatlar art\u0131\u015f g\u00f6sterir. Aksi durumda k\u0131sa vadeli sat\u0131\u015flar fiyat\u0131 d\u00fc\u015f\u00fcrebilir.<\/p>\n\n\n\n<p>Art\u0131r\u0131m\u0131 izleyen haftalarda \u015firketin fonlar\u0131 nas\u0131l kulland\u0131\u011f\u0131 a\u00e7\u0131klamalar\u0131nda ne kadar \u015feffaf oldu\u011fu, yat\u0131r\u0131mc\u0131 ili\u015fkileri y\u00f6netimini ne \u00f6l\u00e7\u00fcde do\u011fru yapt\u0131\u011f\u0131 gibi unsurlar da fiyat \u00fczerindeki etkiyi belirler. Bu nedenle tahsisli sermaye art\u0131r\u0131m\u0131 sonras\u0131 s\u00fcre\u00e7 en az art\u0131r\u0131m\u0131n kendisi kadar \u00f6nemlidir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tahsisli_Sermaye_Artiriminin_Avantajlari_ve_Dezavantajlari_Nelerdir\"><\/span><strong>Tahsisli Sermaye Art\u0131r\u0131m\u0131n\u0131n Avantajlar\u0131 ve Dezavantajlar\u0131 Nelerdir?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Avantajlar:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Stratejik yat\u0131r\u0131mc\u0131larla uzun vadeli ortakl\u0131k kurulabilir.<\/li>\n\n\n\n<li>\u015eirket h\u0131zl\u0131 \u015fekilde \u00f6zkaynak temin eder.<\/li>\n\n\n\n<li>Halka arz gibi zaman al\u0131c\u0131 s\u00fcre\u00e7ler olmadan sermaye art\u0131r\u0131m\u0131 yap\u0131labilir.<\/li>\n\n\n\n<li>\u015eirketin \u00f6zkaynaklar\u0131 g\u00fc\u00e7lenir, bor\u00e7 oran\u0131 d\u00fc\u015fer.<\/li>\n\n\n\n<li>Y\u00f6netim kontrol\u00fc kaybedilmeden yat\u0131r\u0131mc\u0131 al\u0131nabilir.<\/li>\n<\/ul>\n\n\n\n<p><strong>Dezavantajlar:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mevcut hissedarlar a\u00e7\u0131s\u0131ndan pay seyrelmesi riski ta\u015f\u0131r.<\/li>\n\n\n\n<li>D\u00fc\u015f\u00fck fiyatl\u0131 sat\u0131\u015flar yat\u0131r\u0131mc\u0131 g\u00fcvenini zedeleyebilir.<\/li>\n\n\n\n<li>Kamuya a\u00e7\u0131k olmayan i\u015flemler \u015feffafl\u0131k sorunlar\u0131na yol a\u00e7abilir.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tahsisli_Sermaye_Artirimi_Hisseyi_Nasil_Etkiler\"><\/span><strong>Tahsisli Sermaye Art\u0131r\u0131m\u0131 Hisseyi Nas\u0131l Etkiler?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Tahsisli sermaye art\u0131r\u0131mlar\u0131 ilk bak\u0131\u015fta hisse fiyat\u0131 \u00fczerinde dalgalanma yaratabilir. Bu etki genellikle ge\u00e7icidir. Ancak yat\u0131r\u0131mc\u0131 alg\u0131s\u0131 ve \u015firketin art\u0131r\u0131mla sa\u011flad\u0131\u011f\u0131 kaynaklar\u0131 etkin kullanma becerisi uzun vadeli etkiyi belirler. \u0130yi y\u00f6netilen bir art\u0131r\u0131m s\u00fcreci \u015firketin piyasa de\u011feri \u00fczerinde kal\u0131c\u0131 olumlu etkiler yaratabilir.<\/p>\n\n\n\n<p>\u00d6zellikle art\u0131r\u0131ma kat\u0131lan yat\u0131r\u0131mc\u0131lar\u0131n kurumsal ve stratejik profillere sahip olmas\u0131 \u015firketin itibar\u0131n\u0131 art\u0131r\u0131r. Bu durum, hem bireysel yat\u0131r\u0131mc\u0131lar hem de piyasa analistleri nezdinde \u015firketin daha g\u00fcvenilir alg\u0131lanmas\u0131na yol a\u00e7ar. Uzun vadede bu hisselerin talebini art\u0131rabilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tahsisli_Sermaye_Artirimi_Kimlere_Yapilir\"><\/span><strong>Tahsisli Sermaye Art\u0131r\u0131m\u0131 Kimlere Yap\u0131l\u0131r?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Tahsisli art\u0131r\u0131mlar genellikle kurumsal yat\u0131r\u0131mc\u0131lar \u00f6zel sermaye fonlar\u0131, grup i\u00e7i \u015firketler yabanc\u0131 yat\u0131r\u0131mc\u0131lar veya \u015firkete operasyonel fayda sa\u011flayacak stratejik ortaklara yap\u0131l\u0131r. Bu ki\u015filer sadece finansal katk\u0131 de\u011fil, ayn\u0131 zamanda bilgi teknoloji veya pazar eri\u015fimi gibi nitel de\u011ferler de sunar.<\/p>\n\n\n\n<p>Ama\u00e7 yaln\u0131zca finansman de\u011fildir do\u011fru yat\u0131r\u0131mc\u0131 profiliyle \u015firketin b\u00fcy\u00fcme vizyonunu ger\u00e7ekle\u015ftirmek ve s\u00fcrd\u00fcr\u00fclebilir ba\u015far\u0131ya ula\u015fmakt\u0131r. Bu nedenle tahsisli sermaye art\u0131r\u0131m\u0131 sadece kime yap\u0131ld\u0131\u011f\u0131 de\u011fil, neden ve nas\u0131l yap\u0131ld\u0131\u011f\u0131yla anlam kazanan bir s\u00fcre\u00e7tir.<\/p>\n\n\n<style>.kb-row-layout-id21018_4a82d4-48 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id21018_4a82d4-48 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id21018_4a82d4-48 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-bottom:var(--global-kb-spacing-md, 2rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id21018_4a82d4-48 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id21018_4a82d4-48 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id21018_4a82d4-48 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id21018_4a82d4-48 alignnone has-theme-palette8-background-color kt-row-has-bg wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-2-columns kt-row-layout-row kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column21018_e1f1f6-e7 > .kt-inside-inner-col{min-height:0px;}.kadence-column21018_e1f1f6-e7 > .kt-inside-inner-col,.kadence-column21018_e1f1f6-e7 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column21018_e1f1f6-e7 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column21018_e1f1f6-e7 > .kt-inside-inner-col{flex-direction:column;}.kadence-column21018_e1f1f6-e7 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column21018_e1f1f6-e7 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column21018_e1f1f6-e7{position:relative;}@media all and (max-width: 1024px){.kadence-column21018_e1f1f6-e7 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column21018_e1f1f6-e7 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column21018_e1f1f6-e7\"><div class=\"kt-inside-inner-col\">\n<div class=\"wp-block-group alignfull has-theme-palette-8-background-color has-text-color has-background\" style=\"color:#000000\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"has-text-align-center has-text-color has-link-color has-large-font-size wp-elements-0446da93d38d136ca94f2fcd6a30fa7c\" style=\"color:#010b78;line-height:.9\"><strong>\u0130leti\u015fim Kurun<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-alpha-channel-opacity has-background is-style-wide\" style=\"background-color:#010b78;color:#010b78\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center has-text-color has-link-color wp-elements-9ffc38f2b4985c4652bb57640f696616\" id=\"schedule-a-visit\" style=\"color:#010b78;padding-top:0;padding-bottom:0;font-size:22px;line-height:1.15\"><span class=\"ez-toc-section\" id=\"Makronet_Hisse_Senedi_Basim_Uzmanligi_Ucretsiz_Danismanlik\"><\/span><strong>Makronet Hisse Senedi Bas\u0131m Uzmanl\u0131\u011f\u0131 &amp; \u00dccretsiz Dan\u0131\u015fmanl\u0131k<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-text-align-center\" style=\"font-size:15px\">T\u00fcrkiye\u2019nin her noktas\u0131ndaki \u015firketlere&nbsp;<strong>hisse senedi bas\u0131m\u0131<\/strong>&nbsp;konusunda profesyonel ve \u00f6zelle\u015ftirilmi\u015f \u00e7\u00f6z\u00fcmler sunuyoruz. Hizmetlerimizden yararlanmak i\u00e7in bizim ile irtibata ge\u00e7in.<br><strong>H\u0131zl\u0131 Kurumsal \u015eirket Hatt\u0131m\u0131z: 0212 565 40 75 pbx \/ 0533 350 00 83 info@makronetbasim.com<\/strong><\/p>\n<\/div><\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column21018_9dfebb-d9 > .kt-inside-inner-col,.kadence-column21018_9dfebb-d9 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column21018_9dfebb-d9 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column21018_9dfebb-d9 > .kt-inside-inner-col{flex-direction:column;}.kadence-column21018_9dfebb-d9 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column21018_9dfebb-d9 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column21018_9dfebb-d9{position:relative;}@media all and (max-width: 1024px){.kadence-column21018_9dfebb-d9 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column21018_9dfebb-d9 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column21018_9dfebb-d9\"><div class=\"kt-inside-inner-col\"><style>.kb-row-layout-wrap.wp-block-kadence-rowlayout.kb-row-layout-id21018_e8da06-cd{margin-top:0px;}.kb-row-layout-id21018_e8da06-cd > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id21018_e8da06-cd > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id21018_e8da06-cd > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:var(--global-kb-spacing-3xl, 6.5rem);grid-template-columns:repeat(2, minmax(0, 1fr));}.kb-row-layout-id21018_e8da06-cd > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id21018_e8da06-cd > .kt-row-column-wrap{grid-template-columns:repeat(2, minmax(0, 1fr));}}@media all and (max-width: 767px){.kb-row-layout-id21018_e8da06-cd > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id21018_e8da06-cd alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-2-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column21018_e9e163-b6 > .kt-inside-inner-col{box-shadow:0px 0px 0px 0px rgba(0, 0, 0, 0.2);border-top:0px solid #010b78;border-right:0px solid #010b78;border-bottom:0px solid #010b78;border-left:0px solid #010b78;}.kadence-column21018_e9e163-b6 > .kt-inside-inner-col,.kadence-column21018_e9e163-b6 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column21018_e9e163-b6 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column21018_e9e163-b6 > .kt-inside-inner-col{flex-direction:column;}.kadence-column21018_e9e163-b6 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column21018_e9e163-b6 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column21018_e9e163-b6{position:relative;}@media all and (max-width: 1024px){.kadence-column21018_e9e163-b6 > .kt-inside-inner-col{border-top:0px solid #010b78;border-right:0px solid #010b78;border-bottom:0px solid #010b78;border-left:0px solid #010b78;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column21018_e9e163-b6 > .kt-inside-inner-col{border-top:0px solid #010b78;border-right:0px solid #010b78;border-bottom:0px solid #010b78;border-left:0px solid #010b78;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column21018_e9e163-b6\"><div class=\"kt-inside-inner-col\">\n<div class=\"wp-block-buttons alignwide has-custom-font-size is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-5590e8cb wp-block-buttons-is-layout-flex\" style=\"border-style:none;border-width:0px;border-radius:0px;font-size:39px\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-75 is-style-fill\"><a class=\"wp-block-button__link has-background has-text-align-center has-custom-font-size wp-element-button\" href=\"https:\/\/www.hissesenedibasim.com\/iletisim\/\" style=\"border-style:none;border-width:0px;border-radius:25px;background-color:#010b78e6;padding-top:1.25rem;padding-right:30px;padding-bottom:1.25rem;padding-left:30px;font-size:16px\">ileti\u015fim sayfas\u0131 i\u00e7in t\u0131klay\u0131n<\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column21018_623c83-05 > .kt-inside-inner-col,.kadence-column21018_623c83-05 > 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href=\"https:\/\/www.hissesenedibasim.com\/1\/tahsisli-sermaye-artirimi-nedir\/#Tahsisli_Sermaye_Artiriminin_Avantajlari_ve_Dezavantajlari_Nelerdir\" title=\"Tahsisli Sermaye Art\u0131r\u0131m\u0131n\u0131n Avantajlar\u0131 ve Dezavantajlar\u0131 Nelerdir?\">Tahsisli Sermaye Art\u0131r\u0131m\u0131n\u0131n Avantajlar\u0131 ve Dezavantajlar\u0131 Nelerdir?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.hissesenedibasim.com\/1\/tahsisli-sermaye-artirimi-nedir\/#Tahsisli_Sermaye_Artirimi_Hisseyi_Nasil_Etkiler\" title=\"Tahsisli Sermaye Art\u0131r\u0131m\u0131 Hisseyi Nas\u0131l Etkiler?\">Tahsisli Sermaye Art\u0131r\u0131m\u0131 Hisseyi Nas\u0131l Etkiler?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.hissesenedibasim.com\/1\/tahsisli-sermaye-artirimi-nedir\/#Tahsisli_Sermaye_Artirimi_Kimlere_Yapilir\" title=\"Tahsisli Sermaye Art\u0131r\u0131m\u0131 Kimlere Yap\u0131l\u0131r?\">Tahsisli Sermaye Art\u0131r\u0131m\u0131 Kimlere Yap\u0131l\u0131r?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.hissesenedibasim.com\/1\/tahsisli-sermaye-artirimi-nedir\/#Makronet_Hisse_Senedi_Basim_Uzmanligi_Ucretsiz_Danismanlik\" title=\"Makronet Hisse Senedi Bas\u0131m Uzmanl\u0131\u011f\u0131 &amp; \u00dccretsiz Dan\u0131\u015fmanl\u0131k\">Makronet Hisse Senedi Bas\u0131m Uzmanl\u0131\u011f\u0131 &amp; \u00dccretsiz Dan\u0131\u015fmanl\u0131k<\/a><\/li><\/ul><\/nav><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tahsisli sermaye art\u0131r\u0131m\u0131 nedir? Bu soru, \u015firket hissedarlar\u0131n\u0131n stratejik karar s\u00fcre\u00e7lerinde s\u0131kl\u0131kla g\u00fcndeme gelir. 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