37.2:62.8 swap ratio okayed for NMCE-ICEX merger by creditors, shareholders

The net worth of the merged entity will be approximately Rs 2 billion, Sanjit Prasad, managing director of ICEX

Creditors and shareholders of Ahmedabad-based National Multi Commodity Exchange (NMCE) and Reliance ADAG-anchored Indian Commodity Exchange (ICEX) have voted in favour of the scheme of merger proposed earlier by the management of both.

A meeting in this regard was convened recently under the supervision of former high court judge Kamal Mehta. Both have to file separate petitions for National Company Law Tribunal (NCLT) approval, which they have done. Under law, the tribunal would give an opportunity to shareholders for any objections before passing a final approval order. While the two exchanges have already filed their petitions separately in the NCLT, the