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| NMCE plans to raise up to Rs 60 cr to fund expansion |
| Press Trust of India / Mumbai Jul 15, 2009, 18:49 IST |
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The National Multi-Commodity Exchange (NMCE) plans to raise Rs 50-60 crore by offering fresh shares to foreign investors, a top exchange official said.
The bourse has Rs 50-60 crore in cash and needs to raise a similar amount to fund expansion plans, NMCE Managing Director Kailash Gupta told reporters here today.
"We are not diluting any stake but (only) looking at raising funds either through strategic investments or through private equity," Gupta said, adding that the exchange needs funds for its new initiatives and not for unlocking its value.
The money will be raised by offering fresh shares to more than one foreign investor, Gupta said.
As per the shareholding pattern of NMCE, Central Werehousing Corporation holds 24 per cent, Neptune Overseas 25 per cent, Punjab National Bank (PNB) 10 per cent, Nafed 5 per cent, Gujarat Agro Ind Corp 7 per cent, angel investors 21 per cent and Reliance Money 10 per cent.
Gupta said Reliance Money, which holds a 10 per cent stake in the exchange, may not up its stake.
"Our merchant bankers and advisors are in talks with foreign investors," he said.
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