The National Multi Commodity Exchange of India (NMCE) on Wednesday said it will raise Rs 25 crore via selling its 12.82 per cent stake to Bajaj Group arm —Bajaj Holdings and Investment Ltd.
“This investment will help NMCE to meet its regulatory capital requirement and strengthen its balance sheet for investment in exchange infrastructure,” NMCE said in a statement.
Both companies on Wednesday jointly announced that they have signed a definitive agreement under which Bajaj Holdings has agreed to invest Rs 25 crore in the commodity exchange, the statement added.
Equirus Capital acted as the exclusive financial advisor to NMCE for the transaction.
NMCE would also utilise the raised capital for strengthening of the exchange IT infrastructure, business development and human resources, the exchange said.
Commenting on the development NMCE Vice Chairman Mr Kailash Gupta said, “We are pleased to partner with a reputed business house like Bajaj Group in our next stage of growth. We believe this association would further diversify our investor base and facil itate in strengthening the exchange infrastructure and ecosystem.”
Bajaj Holdings and Investment Limited is the parent company of Bajaj Auto Limited (BAL) and Bajaj Finserv Limited (BFL) and is a part of Bajaj Group.
“We are excited to invest into NMCE. They lead in select agri commodities. We are hopeful that the impending regulatory changes and the robust growth envisaged in the physical economy would boost the commodity exchange volumes in India,” Bajaj Holdings D irector Mr Sanjiv Bajaj said.
Other shareholders in NMCE include National Agricultural Cooperative Marketing Federation of India, Gujarat Agro- Industries Corporation Limited, Punjab National Bank and Reliance Money and the bourse is promoted by Central Warehousing Corporation and Ne ptune Overseas limited.
Source: Business Line