ipo: NCDEX files papers for Rs 500 crore IPO

Mumbai: India’s largest agri derivatives exchange, National Commodity & Derivatives Exchange (NCDEX) plans to go public to raise about Rs 500 crore. The exchange filed the draft red herring prospectus with market regulator Sebi on Tuesday. The IPO will offer an exit to some of the existing investors in the bourse, and will also entail fresh issuance of Rs 100 crore.

The Exchange proposes to utilise the net proceeds towards contribution to the Core Settlement Guarantee Fund and funding towards net worth requirements of National Commodity Clearing (NCCL).

Some of the shareholders who have decided to offer their shares in the offer for sales include NABARD, Punjab National Bank, Oman India Joint Venture Fund, Canara Bank and IFFCO.

NSE is the single-largest shareholder in NCDEX with 15 per cent while LIC and NABARD holds around 11 per cent each. Other shareholders includes Indian Farmers Fertiliser Cooperative (10 per cent), Oman India Joint Investment Fund (10 per cent), Punjab National Bank (7.29 per cent), Canara Bank (6 per cent), IDFC Private Equity Fund (5 per cent) among others.

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