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Wednesday, 14 June 2017

MMTC has initiated the process of divesting the company's 9.55% equity in the Indian Commodity Exchange (ICEX), marking its exit from the exchange. From this stake sale of 3.2 million shares, it hopes to mop up at least Rs 32 crore.

The exchange is a public-private partnership, with Reliance Exchange Next, MMTC, Indiabulls Housing Finance, Indian Potash, Krishak Bharati Cooperative, and IDFC Bank as the major shareholders.

In January last year, MMTC had divested their 10% equity in the exchange. It has decided not to make any further investment in the ICEX and pull out of it. Initially, the company held a 26% stake in the exchange. Now, it wants to liquidate the balance 3.2 million shares with a face value of Rs 5 each. MMTC has proposed to rope in a consultant or merchant banker to manage the disinvestment. The share price of MMTC increased by 1.23% at Rs 61.8 on 1509 hours.

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