Four firms express interest in Indiabulls comex

Four firms express interest in Indiabulls comex
Comment E-mail Print Share
First Published: Thu, Aug 28 2008. 03 20 PM IST
Updated: Thu, Aug 28 2008. 03 20 PM IST
Reuters
Mumbai: Four companies have expressed interest in buying stake in the proposed commodity exchange promoted by Indiabulls Financial Services Ltd, a senior official said.
“The firms, all of them Indian, include banks, government bodies and private companies,” said Gagan Banga, director, Indiabulls. Divulging further on the details, he said that all the companies have applied to the Reserve Bank of India for the necessary approval, even though he declined to name the companies.
“Indiabulls has also applied to the Forward Markets Commission (FMC), commodity futures market regulator, for permission to sell its stake. The companies want 45% but we will sell 34% as we want to retain 40%,” Banga said refering to the percentage of stake sale being negotiated.
In July, FMC asked Indiabulls to reduce its stake in the proposed exchange to 40% from 74% within a month in adherence to rules that bar single entities from holding more than 40% stake in a commodity bourse.
The federal government approved a multi commodity exchange to be jointly set up by Indiabulls and state-run MMTC Ltd, the two firms said in July.
Comment E-mail Print Share
First Published: Thu, Aug 28 2008. 03 20 PM IST