NMCE starts process to sell 26 pc stake to BSE
Ahmedabad-based National Multi Commodity Exchange (NMCE) has initiated the process to sell 26 per cent stake to Bombay Stock Exchange through issue of fresh equity after receiving commodity market regulator FMC's nod.
By PTI |
NEW DELHI: Ahmedabad-based National Multi Commodity Exchange (NMCE) has initiated the process to sell 26 per cent stake to Bombay Stock Exchange through issue of fresh equity after receiving commodity market regulator FMC's nod.
"We are in the process (of selling 26 per cent stake). We hope it will be completed soon," an NMCE official said.
He said the commodity exchange would be restructured once the paper work is completed and there are several other plans to expand its activities. Among other things, the commodity exchange may launch an electronic spot exchange, similar to that of rival bourses NCDEX and MCX, he added.
However, it depends on the investment the new promoter will make on the expansion plan, the official said.
"We have allowed them (NMCE) to sell 26 per cent stake to BSE. But it should be fresh equity and not from divesting stakes of any of the promoters," Forward Markets Commission Chairman B C Khatua told PTI.
The condition of fresh equity has come even as there was speculation that Neptune Overseas, the founder promoter of NMCE, wanted to sell its 26 per cent stake to BSE. The other major shareholder of the exchange is Central Warehousing Corporation (CWC) with 26 per cent equity.
"We are in the process (of selling 26 per cent stake). We hope it will be completed soon," an NMCE official said.
He said the commodity exchange would be restructured once the paper work is completed and there are several other plans to expand its activities. Among other things, the commodity exchange may launch an electronic spot exchange, similar to that of rival bourses NCDEX and MCX, he added.
However, it depends on the investment the new promoter will make on the expansion plan, the official said.
"We have allowed them (NMCE) to sell 26 per cent stake to BSE. But it should be fresh equity and not from divesting stakes of any of the promoters," Forward Markets Commission Chairman B C Khatua told PTI.
The condition of fresh equity has come even as there was speculation that Neptune Overseas, the founder promoter of NMCE, wanted to sell its 26 per cent stake to BSE. The other major shareholder of the exchange is Central Warehousing Corporation (CWC) with 26 per cent equity.
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