 "Metropolitan SE rights issue garners Rs 75 cr")
The rights issue by the Metropolitan Stock Exchange (MSEI), formerly known as MCX-SX, has raised about Rs 75 crore of the targeted Rs 120 crore. The issue opened on June 9 and closed on Wednesday.
The exchange says investors in the issue include private ones, Axis Bank and several stated banks, with State Bank of India (SBI) being the largest.
SBI increased its stake to five per cent from less than one per cent earlier, the exchange said in a statement. Axis Bank is said to have doubled its stake in the exchange.
“Besides, some more public sector banks and private investors like Rakesh Jhunjhunwala and others have also subscribed to the rights offering,” said the statement.
Of the Rs 120 crore targeted to be raised through the issue, about Rs 70 crore was expected to be used for increasing the networth of its clearing corporation, MCX-SX Clearing Corporation. The remaining Rs 50 crore was to be used for furthering the exchange’s business prospects. According to the Sebi mandate, the networth of clearing corporations has to be raised to Rs 200 crore by 2016 and Rs 300 crore by 2017.
“The exchange is also in talks with certain private investors to get the remaining part of the issue subscribed,” said the statement.
MSEI currently has a networth of Rs 225 crore.
The exchange says investors in the issue include private ones, Axis Bank and several stated banks, with State Bank of India (SBI) being the largest.
SBI increased its stake to five per cent from less than one per cent earlier, the exchange said in a statement. Axis Bank is said to have doubled its stake in the exchange.
“Besides, some more public sector banks and private investors like Rakesh Jhunjhunwala and others have also subscribed to the rights offering,” said the statement.
Of the Rs 120 crore targeted to be raised through the issue, about Rs 70 crore was expected to be used for increasing the networth of its clearing corporation, MCX-SX Clearing Corporation. The remaining Rs 50 crore was to be used for furthering the exchange’s business prospects. According to the Sebi mandate, the networth of clearing corporations has to be raised to Rs 200 crore by 2016 and Rs 300 crore by 2017.
“The exchange is also in talks with certain private investors to get the remaining part of the issue subscribed,” said the statement.
MSEI currently has a networth of Rs 225 crore.