GROWTH TRACK

Calcutta, Aug. 28: The Bombay Stock Exchange, Texmaco, Kesoram Industries, Patton India and Hindustan National Glass are among 25 investors who have picked up stakes in the Calcutta Stock Exchange (CSE).

The CSE today divested its 52 per cent stake to strategic investors to complete the demutualisation process that was mandatory for its revival.

According to CSE officials, the ailing bourse was able to raise Rs 80 crore through private placement of 321,750 shares, comprising 52 per cent of its total equity, at a price of Rs 2,000 a share.

“The subscription amount in excess of Rs 64.35 crore will be refunded to investors,” said a CSE official. The CSE administration did not divulge the ratio in which the shares will be allotted to the 25 investors.

It is, however, learnt that the BSE will get the maximum of 4.99 per cent and the others will be allotted on a pro-rata basis.

According to Sebi guidelines, today was the last date for the CSE to complete its demutualisation process. Following this, the exchange will become a corporate entity from a brokers’ association.

Other companies that invested in the CSE are the West Bengal Infrastructure Finance and Development Corporation, Emami, Ravi Auto and Jai Balaji. A Mumbai-based investment company has also invested in the local bourse. “The issue was oversubscribed 28 per cent and investors were allotted shares on a pro-rata basis,” said P.K. Ray, a member of the demutualisation sub-committee of the CSE.