Reliance Money may up stake in NMCE by five per cent
Anil Ambani-run Reliance Money may acquire five per cent more stake in the National Multi-Commodity Exchange of India (NMCE) to take its total holding to 15 per cent in line with the new guidelines.
By PTI |
MUMBAI: Anil Ambani-run Reliance Money may acquire five per cent more stake in the National Multi-Commodity Exchange of India (NMCE) to take its total holding to 15 per cent in line with the new guidelines.
"As per the new guidelines issued by the Forward Markets Commission (FMC), we can take an additional five per cent stake in NMCE," Reliance Money Managing Director Sudip Bandyopadhyay told PTI here.
The next NMCE board meeting, which could take place in two months, will decide on the fund raising plans for the exchange, Bandyopadhyay said.
Last year, Reliance Money had acquired a 10 per cent stake in NMCE. The new FMC guidelines state that no single investor can hold more than 15 per cent.
"This means we have a scope to increase our stake by five per cent," Bandyopadhyay said.
The FMC circular said that every commodity exchange should have a minimum paid-up capital of Rs 50 crore and a minimum net worth of Rs 100 crore by September 2010.
"In accordance with the new guidelines, NMCE also needs to expand its capital to Rs 50 crore within the next one year. NMCE may come out with preferential or some kind of offer," Bandyopadhyay said.
"As per the new guidelines issued by the Forward Markets Commission (FMC), we can take an additional five per cent stake in NMCE," Reliance Money Managing Director Sudip Bandyopadhyay told PTI here.
The next NMCE board meeting, which could take place in two months, will decide on the fund raising plans for the exchange, Bandyopadhyay said.
Last year, Reliance Money had acquired a 10 per cent stake in NMCE. The new FMC guidelines state that no single investor can hold more than 15 per cent.
"This means we have a scope to increase our stake by five per cent," Bandyopadhyay said.
The FMC circular said that every commodity exchange should have a minimum paid-up capital of Rs 50 crore and a minimum net worth of Rs 100 crore by September 2010.
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"In accordance with the new guidelines, NMCE also needs to expand its capital to Rs 50 crore within the next one year. NMCE may come out with preferential or some kind of offer," Bandyopadhyay said.
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