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 on Wednesday.
“We had acquired 10 per cent stake and now, we are seeking approval from the Forward Markets Commission 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 said here.
Reliance Money has proposed to invest Rs 26 crore through acquisition of the 26 per cent stake in NMCE in two phases.
The company 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 the 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.
