Reliance Money to pick up additional 16 pc stake in NMCE
The Anil Ambani-run Reliance Money has sought permission to acquire an additional 16 per cent in the National Commodity Exchange of India (NMCE), a top company official said.
By PTI |
MUMBAI: The Anil Ambani-run Reliance Money has sought permission to acquire an additional 16 per cent in the National Commodity Exchange of India (NMCE), a top company official said.
"We have acquired a 10 per cent stake and we are now seeking approval from the Forward Markets Commission (FMC) and Ministry of Consumer Affairs for an additional 16 per cent stake in NMCE within the next three months," Reliance Money's Director and Chief Executive, Sudip Bandyopadhyay, told reporters on the sidelines of a conference here today.
Reliance Money has proposed to invest Rs 26-crore through acquisition of a total of upto 26 per cent in NMCE in two phases. Reliance Money has obtained approval from the Ministry of Consumer Affairs to acquire a 10 per cent stake in the National Multi-Commodity Exchange of India (NMCE) Board.
"The potential in the commodity space is huge. The money will be used in funding exchange's expansion plans," Bandyopadhyay said. NMCE is planning to raise Rs 100-crore through a shareholding restructuring process. "We will issue of fresh shares to existing stake holders including Reliance Money," NMCE's Managing Director, Kailash Gupta, said.
"There will be no question of bringing more partners but we will issue additional shares to existing shareholders only," Gupta said.
Presently, amongst the major shareholders, Central Warehousing Corporation (CWC) holds 26 per cent, Punjab National Bank 11 per cent, Nafed 5 per cent, Government of Gujarat 11 per cent and Neptune Overseas Ltd, belonging to promoter Gupta, around 24 per cent. The remaining is held by small stakeholders.
"We have acquired a 10 per cent stake and we are now seeking approval from the Forward Markets Commission (FMC) and Ministry of Consumer Affairs for an additional 16 per cent stake in NMCE within the next three months," Reliance Money's Director and Chief Executive, Sudip Bandyopadhyay, told reporters on the sidelines of a conference here today.
Reliance Money has proposed to invest Rs 26-crore through acquisition of a total of upto 26 per cent in NMCE in two phases. Reliance Money has obtained approval from the Ministry of Consumer Affairs to acquire a 10 per cent stake in the National Multi-Commodity Exchange of India (NMCE) Board.
"The potential in the commodity space is huge. The money will be used in funding exchange's expansion plans," Bandyopadhyay said. NMCE is planning to raise Rs 100-crore through a shareholding restructuring process. "We will issue of fresh shares to existing stake holders including Reliance Money," NMCE's Managing Director, Kailash Gupta, said.
"There will be no question of bringing more partners but we will issue additional shares to existing shareholders only," Gupta said.
Presently, amongst the major shareholders, Central Warehousing Corporation (CWC) holds 26 per cent, Punjab National Bank 11 per cent, Nafed 5 per cent, Government of Gujarat 11 per cent and Neptune Overseas Ltd, belonging to promoter Gupta, around 24 per cent. The remaining is held by small stakeholders.
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