Calcutta Exchange invites EoIs for 51% divestment

Calcutta Stock Exchange (CSE) today started the process to select a merchant banker/consultant, and issued a notice inviting expression of interest (EoI) to advise the bourse for the divestment of 51% stake.

The divestment is mandatory to meet the Securities and Exchange Board of India (Sebi) demutualisation scheme.

P K Ray, secretary of CSE, said the last date of receiving the EoI is January 31.

"We want to move ahead with the ground work, and we will update Sebi on the matter. The regulator will finalise another date for shareholders' approval," official  sources said.

CSE had failed to get shareholders approval for change in its memorandum of association at its last AGM on November 23.

Brokers said they will continue to oppose the agenda in the future EGMs or AGMs till the bourse meets their demand to issue rights shares at 1:1.