Metropolitan Stock Exchange eyes over $18M through rights issue

Metropolitan Stock Exchange of India (MSEI), formerly known as MCX-SX, is firming up plans to mop up a little over Rs 118 crore through a rights issue - sale of shares to existing shareholders.

The move comes after the company's earlier plan of raising Rs 200 crore through a rights issue fizzled out, where it could mobilise just Rs 6.85 crore in 2014.

In a statement, Metropolitan Stock Exchange said it would issue 118,33,88,166 equity shares of face value of Re 1 each aggregating up to Rs 118.34 crore.

The issue is scheduled to open on June 9 and close on July 8.

Under the rights issue, existing shareholders are allowed to buy additional shares directly from the company in proportion to their holdings at a discount to the current trading price.

The proceeds will go towards development of business, technology enhancement and general administration purposes, the company said.

According to the latest shareholding pattern, the company's existing shareholders include Rakesh Jhunjhunwala, IFCI, IL&FS Financial Services and a host of banks like SBI, Axis Bank, Union Bank of India, Punjab National Bank, Bank of Baroda, Corporation Bank, among others.

MSEI, which already has 1,100 companies listed with it under the permission to trade, yesterday said it has added 100 more to its trading platform.

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