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.
Showing posts with label ACE. Show all posts
Showing posts with label ACE. Show all posts
Tuesday, January 29, 2008
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