MMTC Initiates Process of Divesting Company’s Equity in ICEX
DSIJ Intelligence / 14 Jun 2017
MMTC has initiated the process of divesting the company's 9.55% equity in the Indian Commodity Exchange (ICEX).It hopes to mop up at least Rs 32 crore from this stake sale of 3.2 million shares.
Marking its exit from the exchange, MMTC has initiated the process of divesting the company's 9.55% equity in the Indian Commodity Exchange (ICEX). It hopes to mop up at least Rs 32 crore from this stake sale of 3.2 million shares.
With Reliance Exchange Next, MMTC, Indiabulls Housing Finance, Indian Potash, Krishak Bharati Cooperative, and IDFC Bank as the major shareholders, the exchange is a public-private partnership.
MMTC has proposed to rope in a consultant or merchant banker to manage the disinvestment. In January last year, MMTC had divested their 10% equity in the exchange. It has decided not to make any further investment in the ICEX and pull out of it. Initially, the company held a 26% stake in the exchange. Now, it wants to liquidate the balance 3.2 million shares with a face value of Rs 5 each.
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