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Company Overview of Indian Commodity Exchange Limited
Indian Commodity Exchange Limited operates as a screen based on-line derivatives exchange for commodities. The company provides a trading platform for precious metals, including gold and silver; energy products, which comprise crude oil; metals, such as aluminum, copper, nickel, and zinc; oils and oilseed complexes, including mustard seed, soybean, soy oil, and palm oil; agro products, which comprise guar seed; spices, such as cumin and turmeric; and pulses, including chickpea or Bengal gram. It also engages in the risk management, market surveillance, clearing and settlement, and trading operations. The company was incorporated in 2008 and is based in Gurgaon, India.
448-451, Udyog Vihar
Phase - 5
Founded in 2008
Key Executives for Indian Commodity Exchange Limited
Senior Vice President of Operations
Vice President of Legal & Membership and Company Secretary
Compensation as of Fiscal Year 2015.
Indian Commodity Exchange Limited Key Developments
MMTC Board Approves Stake Sale In ICEX
Sep 21 15
MMTC Ltd. (BSE:513377) informed the Bombay Stock Exchange that its board has approved the proposal for sale of 10% stake in Indian Commodity Exchange Limited (ICEX). Acting as an advisor for this transaction, Yes Bank Limited (BSE:532648) issued an express of interest (EoI) in August 2015 for sale of MMTC's full or part stake in ICEX. The minimum reserve price and the minimum number of shares to be acquired in the proposed bidding by bidders shall be INR 10 per share and 2 million shares (equivalent to 1% shareholding in ICEX) respectively. According to the announcement, only two bidders participated in the global EoI and both were selected. Ramesh Shetty, spokesperson of ICEX and Kanishka Garg of Yes Bank did not divulge details of the deal. While Shetty termed the deal being private between two parties, Garg said, "The deal is not yet approved and hence, it is premature to say anything."
Akhil Gupta In Talks To Buy 5% Stake In ICEX from MMTC
Sep 19 15
Akhil Gupta, Vice Chairman at Bharti Enterprises Limited, is in talks to buy 5% stake in Indian Commodity Exchange Limited (ICEX) from MMTC Ltd. (BSE:513377), two people familiar with the development said. MMTC is looking to divest its 26% stake in Indian Commodity Exchange because it is not interested in infusing more funds to increase the net worth of the exchange to meet regulatory norms, an MMTC official said. "There is a proposal to offload 10% stake from the exchange. Two individuals, including Akhil Gupta have expressed interest to buy 5% stake. The deal is going to be between INR 100 to INR 200 million," the official told Economic Times. A partner in the exchange and a former director and member of the exchange confirmed Akhil Gupta's interest in ICEX. A spokesperson for Akhil Gupta did not respond to a query on the matter as of press time September 18, 2015. . Officials in the Forward Market Commission said ICEX has assured the regulator that MMTC would divest its stake by September 30, 2015. "MMTC has got a good response and currently shortlisted some candidates," said an official from FMC. "They are open to sell their entire 26% stake if they get a good offer. We expect potential buyers to come to us soon." The FMC official said ICEX is also considering a rights issue as part of a plan to revive the exchange.
Indian Commodity Exchange To Raise Funds
Dec 1 14
Indian Commodity Exchange Limited (ICEX) plans to raise INR 1.4 billion to meet its working capital requirement for restarting futures trading in commodities. According to the revival plan, given to the derivatives market regulator, Forward Markets Commission (FMC), ICEX proposes to raise INR 400 million from existing shareholders through a rights-cum-debenture issue, to be floated soon. ICEX has proposed to raise INR 1 billion through incorporation of new shareholders, for which talks are at an advanced stage. A senior Board official of ICEX said, "We have submitted the exchange revival plan to the regulator and are awaiting the response." ICEX is in the process of convening a board meet sometime in December 2014. An official of ICEX said, "We are in talks with existing as well as some new investors for fresh capital infusion. Once the revival plan is approved, you will see a change in equity structure."
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