After India Bulls-MMTC's announcement of setting up commodity exchange, Kotak Mahindra Bank is all set to acquire controlling stake in the 50-year-old Ahmedabad Commodity Exchange (ACE).With capital infusion from the banking and financial services conglomerate, ACE will be the first regional exchange in India to be corporatised and de-mutualised national exchange. It would become a online screen-based exchange with technical upgradation.
Kotak Mahindra is picking up 51% equity stake in ACE at a price of Rs 321 per equity share. Though both Kotak and ACE remain tight-lipped about the development, a notice issued to the shareholders of the exchange says: “It is proposed to issue and allot to Kotak Mahindra Bank Ltd and/or its associates or subsidiaries upto 1,02,000 equity shares at a price of Rs 321 per equity share and upto 1,050,000 share warrants excersible to the extent of short falls in meeting the funding needs of the company through any issue/rights issue of equity shares within 36 months of from the date of allotment of the warrants at a price of Rs 321 per warrant exercised.”
Read more in The Times of India article.
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