ASE to raise capital from sale of property

The Ahmedabad Stock Exchange (ASE) has decided to sell its properties in Ahmedabad to raise Rs 50 crore to meet the statutory requirement of minimum net worth of Rs 100 crore for a securities bourse.

The board of directors of the defunct equity bourse has passed a resolution at their meeting held on Tuesday in Ahmedabad. ASE can now sell its fixed assets. "The board has decided to allow the sale of buildings at Ellisbridge area and other located at Manek Chawk in the old city area. We can now sell either of the buildings or both depending on the requirement of funds," said Hemendrasinh Jhala, chairman, ASE.