MCX-SX rights issue gets shareholder nod

 MCX Stock Exchange Ltd on Monday received approval of institutional shareholders to raise funds through issue of shares to them on a proportionate basis.

MCX-SX, the country's newest stock exchange that was set up by Jignesh Shah-led Financial Technologies, has recently recast its board and leadership structures after a major crisis hit National Spot Exchange Ltd (NSEL), another entity promoted by its founders.

In a statement, MCX-SX said its board consulted the institutional shareholders of the exchange at a meeting held today and based on the broad consensus expressed therein on the need to raise capital through a rights issue.

"...approved making rights issue of equity shares to existing shareholders...on 1:1 basis at a price of Rs 10 per share," the exchange said.

It expects to complete the rights issue before mid-March, 2014.

Earlier this month, MCX-SX board had also "accorded its in-principle approval to make a 1:1 rights issue to existing shareholders.”

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