Birlas, BSE among CSE stake buyers
The Calcutta Stock Exchange (CSE) has decided to offer about 4% stake to BK and KK Birla groups on the last day of the demutualisation scheme that ended on August 28.
By TNN |
KOLKATA/MUMBAI: The Calcutta Stock Exchange (CSE) has decided to offer about 4% stake to BK and KK Birla groups on the last day of the demutualisation scheme that ended on August 28.
According to CSE officials, the exchange received good response from investors for its 52% stake. The bourse administrator TK Das told newsmen: “The issue was oversubscribed by around 28%.” The exchange had put up 52% of its stake on the block.
“As many as 25 investors had applied for stake in CSE spearheaded by BSE. We shall issue shares at pro-rata basis. BSE will get 4.99% stake. But others will get less. We have got Rs 103 crore from investors, which is kept in an escrow account,” Mr Das said.
Mr Das added that among the top investors, Kesoram Industries of BK Birla group, KK Birla group’s Texmaco, the Emami group, Patton India, Hindustan National Glass of Somany group and West Bengal Infrastructure Development Finance Corporation among others.
Kesoram insiders confirmed that the company has applied for 2.5% stake in CSE for Rs 3 crore. Texmaco, according to indications, might go in for around 2% of CSE.
According to sources, BSE buying a stake in CSE will help the former in the revival of its F&O segment. BSE is expected to invite CSE members to take membership and actively participate in the derivatives segment.
About 95% of the CSE members are currently registered with NSE. Once considered as the Mecca of badla, CSE has turned almost into a dead exchange amid controversies, arrests and charges of mismanagement since 2001-02.
The Ketan Parekh-led Rs 120-crore scam took a heavy toll on the exchange, a couple of big time brokers and also on the market in general.
According to CSE officials, the exchange received good response from investors for its 52% stake. The bourse administrator TK Das told newsmen: “The issue was oversubscribed by around 28%.” The exchange had put up 52% of its stake on the block.
“As many as 25 investors had applied for stake in CSE spearheaded by BSE. We shall issue shares at pro-rata basis. BSE will get 4.99% stake. But others will get less. We have got Rs 103 crore from investors, which is kept in an escrow account,” Mr Das said.
Mr Das added that among the top investors, Kesoram Industries of BK Birla group, KK Birla group’s Texmaco, the Emami group, Patton India, Hindustan National Glass of Somany group and West Bengal Infrastructure Development Finance Corporation among others.
Kesoram insiders confirmed that the company has applied for 2.5% stake in CSE for Rs 3 crore. Texmaco, according to indications, might go in for around 2% of CSE.
According to sources, BSE buying a stake in CSE will help the former in the revival of its F&O segment. BSE is expected to invite CSE members to take membership and actively participate in the derivatives segment.
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About 95% of the CSE members are currently registered with NSE. Once considered as the Mecca of badla, CSE has turned almost into a dead exchange amid controversies, arrests and charges of mismanagement since 2001-02.
The Ketan Parekh-led Rs 120-crore scam took a heavy toll on the exchange, a couple of big time brokers and also on the market in general.
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