BSE, Birla cos pick stake to complete demutualisation of CSE
The Stock Exchange, Mumbai (BSE), K K Birla group's Texmaco, B K Birla group's flagship Kesoram Industries, Patton India were among 25 investors who were alloted shares by the Calcutta Stock Exchange (CSE) to complete the demutualisation process t...
By PTI |
KOLKATA: The Stock Exchange, Mumbai (BSE), K K Birla group's Texmaco, B K Birla group's flagship Kesoram Industries, Patton India were among 25 investors who were alloted shares by the Calcutta Stock Exchange (CSE) to complete the demutualisation process today.
CSE officials said that the ailing bourse raised Rs 64.35 crore for private placement of 52 per cent of the bourse capital.
CSE did not divulge the percentage of 3,21,750 shares allotted to 25 investors. Sources, however, said the highest was allotted to BSE which got 4.99 per cent in the local bourse.
The valuation of the shares was fixed at Rs 2,000 a share of Re 1 each.
Today was the last date of the Securities Exchange Board of India's deadline to complete the demutualisation.
Other companies which invested were West Bengal Infrastructure Finance and Development Corporation, FMCG major Emami, Hindustan National Glass, Ravi Auto and Jai Balaji.
"The issue was oversubscribed and were allotted on pro-rata basis," a member of the demutualisation sub-committee P K Ray said.
CSE failed to get a bid when the divestment was targeted in a bidding process. Later, advisor, PricewaterhouseCoopers suggested negotiated deals with investors.
CSE officials said they were confident they were close to settling the land row with the state government.
"The state has agreed to our terms to allot land at Rajarhat at two locations of five acre each."
CSE officials said that the ailing bourse raised Rs 64.35 crore for private placement of 52 per cent of the bourse capital.
CSE did not divulge the percentage of 3,21,750 shares allotted to 25 investors. Sources, however, said the highest was allotted to BSE which got 4.99 per cent in the local bourse.
The valuation of the shares was fixed at Rs 2,000 a share of Re 1 each.
Today was the last date of the Securities Exchange Board of India's deadline to complete the demutualisation.
Other companies which invested were West Bengal Infrastructure Finance and Development Corporation, FMCG major Emami, Hindustan National Glass, Ravi Auto and Jai Balaji.
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"The issue was oversubscribed and were allotted on pro-rata basis," a member of the demutualisation sub-committee P K Ray said.
CSE failed to get a bid when the divestment was targeted in a bidding process. Later, advisor, PricewaterhouseCoopers suggested negotiated deals with investors.
CSE officials said they were confident they were close to settling the land row with the state government.
"The state has agreed to our terms to allot land at Rajarhat at two locations of five acre each."
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