First commodity exchange
If MCX gets listed, it will become the first Indian Company to do so. Unlike 2 earlier attempts in 2006 and 2008, the commodity exchange, this time, is making an offer for sale to provide an exit route to existing shareholders, like SBI, Corporation Bank and Bank of Baroda, which will offload their combined equity of 4.8%.
The commodity exchange MCX does not propose to issue fresh shares this time around. The IPO will also enable promoter FT (Financial Technologies) to cut its stake by 5% to meet FMC norms capping a promoter’s stake in a commex at 26%.
6 more Month Time
The FMC is the regulator of commodity futures trading and MCX has requested that it be given six months more to comply with the norms which were supposed to come into force by this month.
Mr. Ramesh Abhishek, Chairman, FMC said, “The exchange has asked for six months more and this is under consideration.”
No comments:
Post a Comment