MMTC is exiting ICEX as being a minor equity participant, it would be deprived of any say in decision making
State-run trading entity MMTC Ltd is looking at completing the sale of its residual 9.55 percent stake in Indian Commodity Exchange Ltd (ICEX) by the end of this financial year.
A source close to the development said MMTC has already invited Expression of Interest (EoI) from interested bidders to acquire its stake in the commodity exchange.
MMTC aims to divest 32 million equity shares of face value of Rs five each through a competitive bidding process. It has appointed Keynote Corporate Services Ltd as the consultant and investment banker for the transaction.
The divestment of 9.55 percent equity would mark MMTC's exit from the course. MMTC is presently the third biggest shareholder in ICEX after Reliance Exchange Next which has 26 percent stake and Indiabulls Housing Finance Ltd with a shareholding of 10.45 percent. Other key corporate shareholders are Abhinay Trading Pvt Ltd (8.36 percent), Indian Potash Ltd (8 percent), Adventz Finance Pvt Ltd (4.48 percent), Krishak Bharti Cooperative Ltd (4 percent) and IDFC Bank Ltd (2.99 percent). Bharti Infratel chairman Akhil Gupta owns five per cent five per cent stake in ICEX which also has Bollywood celebrities Aamir Khan (0.6 per cent) and Ranbir Rishi Kapoor (0.3 per cent) as shareholders.
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