National Multi Commodity Exchange to raise Rs.1 bnOctober 8th, 2008 - 6:49 pm ICT by IANS
Mumbai, Oct 8 (IANS) The National Multi Commodity Exchange of India (NMCE) is planning to raise Rs.1 billion ($22 million) through issue of fresh shares to its present stakeholders, including Reliance Money, which acquired 10 percent stake in the bourse last week. “We are undergoing a major restructuring of the exchange. We are redesigning our existing products and launching new products like spot exchanges and currency futures,” NMCE managing director Kailash Gupta told IANS, while unveiling the new corporate identity for the exchange.
The Ahmedabad-based exchange will relocate its base to Mumbai and spread out to over 50 locations all over India.
Reliance Money director and chief executive and NMCE director Sunil Bandyopadhyay said: “We want to expand our membership network and want to reach out to huge investor base through various tie-ups.”
He, however, refused to divulge details regarding the same, but said the money raised would be used to fund expansion plans.
NMCE is the oldest and smallest of India’s three national-level commodity derivatives exchange. The others are Multi Commodity Exchange of India and National Commodity and Derivatives Exchange of India.