Anil Ambani-led Reliance Money has sought permission to acquire an additional 16 per cent in the National Commodity Exchange of India (NMCE), a top company official said today.
"We have acquired 10 per cent stake and we are now seeking approval from the Forward Markets Commission (FMC) and Ministry of Consumer Affairs for an additional 16 per cent stake in NMCE within three months," Reliance Money Director and Chief Executive Sudip Bandyopadhyay told reporters here.
Reliance Money has proposed to invest Rs 26 crore through acquisition of a total of up to 26 per cent in NMCE in two phases.
Reliance Money has obtained approval from the Ministry of Consumer Affairs to acquire a 10 per cent stake in the NMCE Board.
"The potential in the commodity space is huge. The money will be used for funding exchange's expansion plans," he said.
NMCE is planning to raise Rs 100 crore through a shareholding restructuring process. "We will issue fresh shares to existing stakeholders including Reliance Money," NMCE Managing Director Kailash Gupta said.
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"There will be no question of bringing more partners but we will issue additional shares to existing shareholders only," Gupta said.
Presently, amongst the major shareholders, Central Warehousing Corporation (CWC) holds 26 per cent, Punjab National Bank (11 per cent), Nafed (5 per cent), Gujarat government (11 per cent and Neptune Overseas, which is promoted by Gupta, holds around 24 per cent.
The remaining is held by small stakeholders.