Home / Market / Stock-market-news /  Metropolitan Stock Exchange raises Rs75 crore through rights issue

Mumbai: The Metropolitan Stock Exchange of India Ltd (MSEI), formerly known as MCX Stock Exchange Ltd (MCX-SX), has raised 75 crore through a rights issue that closed on Wednesday, according to a statement issued by the exchange.

The rights issue opened for subscription on 9 June with the exchange aiming to raise up to 118.34 crore by offering a total of 1,183.4 million shares at a price of 1 each, as per the offer document circulated by the exchange among eligible shareholders.

According to Wednesday’s statement, State Bank of India (SBI), which held less than 1% in the exchange prior to the rights offering, has raised its stake to 5% while Axis Bank Ltd has doubled its stake. Other public sector banks and private investors like Rakesh Jhunjhunwala, among others, have also subscribed to the rights offering, it added.

Axis Bank held less than 1% stake in the exchange, as per the shareholding pattern on 31 March.

The exchange is now in talks with certain private investors to get the remaining part of the issue subscribed, said the statement.

The exchange statement added that the amount raised through the rights issue has increased the net worth of the bourse to more than 225 crore. All stock exchanges have to maintain a minimum net worth of 100 crore.

According to the offer document, the exchange planned to use the rights issue proceeds for meeting working capital requirements related to business development, technology enhancement and general administration.

For the year ended 31 March 2015, the exchange registered a loss of 60.12 crore. In the previous financial year, it reported a loss of 154.53 crore.

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