| Rajesh Bhayani,
Mumbai, 3 December.
Ahmedabad Based National Multi Commodity Exchange (NMCE), the online Multi Commodity exchange is set to receive Rs 100 crore of fresh capital infusion.
In the process, the promoters' stake will come down to 18 percent, while that of individual investors will decline to around 17 percent.
This equity dilution is taking place to accommodate Bombay Stock Exchange (BSE), which has been allotted new shares amounting to 26 percent stake in the Exchange.
NMCE was the first new age exchange to begin operation after the government issued license to three exchanges for online commodity futures in 1999.
It sold a 26 percent stake to BSE recently.
Since this was a fresh issue of shares and other inverstors such as Center Warehousing Corporation (CWC) and Nafed did not want to reduce their stakes, the promoters and individual investors have decided not to buy more shares, there by bringing down their holding in the exchange.
When contacted NMCE Managing director Shri Kailash Gupta declined to comment on the developments.
Sources in the know said that the fresh dose of capital and presence of BSE as strategic investor would help the exchange improve its image and increase the market share.
BSE CEO Mr.Rajnikant Patel has been appointed as professional director on the governing board of NMCE.
It is understood that trading facilities on NMCE will be made available to 15000 terminals on BSE.The modalities for this are being worked out.
The valuation for the stake sale to BSE is not known, but the new capital infusion with premium will be around Rs 100 crore.
NMCE'S Core strength lies in trade plantation Commodities such as cardamom, rubber and black pepper.
In cardamom and rubber, NMCE's market share is 75.2 percent, While that of MCX in the above commodities is 24.8 percent.
At present 5 to 6 commodities are generally traded on the exchange. It plans to expand the list to another 5 to 6, mostly bullion and metals. Additional Capital will be used for incrasing Volumes, branding and technology upgrade. |