MMTC to exit ICEX, starts process to divest 9.5% stake in the exchange

MMTC had divested 10% in Jan 2016, will now appoint consultant or merchant banker to exit completely

State-run trading company MMTC has initiated the process of divesting its 9.55 per cent equity in the Indian Commodity Exchange (ICEX), marking its exit from the bourse.

The exchange is a public-private partnership, with Reliance Exchange Next Ltd, MMTC, Indiabulls Housing Finance Ltd, Indian Potash Ltd, Kribhco, and IDFC Bank as the major shareholders.

In January last year, MMTC had divested its 10 per cent equity in the exchange. Now, it wants to liquidate the balance 3.2 million shares with a face value of five rupees each.

MMTC has proposed to rope in a consultant or merchant banker to manage the disinvestment. 

A source