The United Stock Exchange of India (USE) has picked up 10% stake in International Multi Commodities Exchange (IMCE), the new commodity futures exchange, promoted by Indiabulls and Minerals and Metals Trading Corporation (MMTC) for an undisclosed amount.
With this, IMCE has achieved closure of its entire capital structure of Rs 100 crore as per the latest ownership guidelines of the government.
This is the first commodity bourse in India to conform to the revised ownership criteria which mandates participation of public sector units/co-operatives and also a more diversified shareholding pattern.
Besides MMTC which holds 26%, another government entity, Indian Potash Limited, the largest canalising agency for import of fertilisers holds 10% in the IMCE. The exchange has applied to the regulator, Forward Markets Commission for the final recognition and is expected to be operational by the end of July 2009.
USE represents 17 entities comprising of 13 banks and 4 trading companies who own an equity stake in the entity. The stakeholders include Bank of India, Bank of Baroda, Punjab National Bank, Union Bank, Federal Bank, MMTC and Jaypee Capital amongst many others.
Source: Economic Times