Shree Renuka,Jaypee in NCDEX buy

Leading agricultural bourse NCDEX is issuing fresh shares to raise its equity capital to Rs 50 crore,in line with the new norms on equity structuring and ownership guidelines,with which national exchanges have to comply with by February next year.

The earlier deadline to comply with new norms was September 30. FMC,however,had granted extension of three months till December this year to NCDEX and six months to MCX and NMCE by February 2011.

NCDEX has already completed the stock restructuring formalities and currently has an equity capital of Rs 37.5 crore. With the issue of fresh shares to these two companies,its paid up capital is likely to be around Rs 50 crore.

FMC has also given permission to the exchange to induct Jaypee Capital Services as its anchor investor.

According to new guidelines,commodity bourses that have completed five years have to raise paid up equity capital of minimum Rs 50 crore. The original promoters of the exchange are permitted to hold up to 26 per cent stake in the exchange.

Besides stock exchange can hold only up to 5 per cent stake in a commodity exchange,while a commodity bourse can have equity of up to 15 per cent.

Among other exchanges,MCX has to reduce the shareholding of its parent Financial Technologies to 26 per cent from the existing 31 per cent. While NMCE will have to mop up its equity capital to Rs 50 crore from the existing Rs 17 crore.

Early this month,NMCE raised Rs 25 crore by divesting its 12.82 per cent stake in the exchange to Bajaj Holdings and Investment Ltd.

NCDEX,India’s second largest commodity bourse,had registered a turnover of Rs 45,887 crore in August 2010.

The turnover of the 23 commodity bourses in the country rose by 68 per cent to Rs 4,97,686 crore in the first fortnight of October this year,FMC said.