Moneycontrol
Jan 06, 2014 03:25 PM IST | Source: Moneycontrol.com

MCX-India on rights issue plans of MCX-SX

Through the rights issue, it will be raising around Rs 500-1000 crore. The board has further announced appointment of E&Y, which will be conducting a comprehensive audit of the exchange since inception.

 
 
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Moneycontrol Bureau


Shares of Multi Commodity Exchange of India rallied 7 percent intraday on Monday as the board of MCX-SX has given an in-principle approval for 1:1 rights issue to the existing shareholders under the SEC regulations. In addition, Sebi has given a final approval for the appointment of Saurabh Sarkar as the new MD and CEO of MCX-SX.


Through the rights issue, it will be raising around Rs 500-1000 crore. The board has further announced appointment of E&Y, which will be conducting a comprehensive audit of the exchange since inception.


It has also proposed further actions for cost rationalisation so that the viability of the exchange could be put on a second footing.


At 13:20 hrs, the stock was at Rs 590.50, up Rs 17.85, or 3.12 percent on the BSE.

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