India's third stock exchange MCX-SX is fighting to stay afloat. The National Spot Exchange scam and stepping down of government nominee and MCX-SX' former chairman GK Pillai after CBI began enquiry against former Sebi officials into grant of exchange license has forced many of its institutional investors to stay away from the ongoing rights issue. MCX -SX is also struggling to maintain its networth above Rs 100 crore.
Speaking to CNBC-TV18's Menaka Doshi and Sajeet Manghat, Thomas Mathew, chairman, MCX-SX said the exchange will mainly focus on the currency derivative segment now.
Also Read: MCX Stock Exchange announces launch of bank index SXBANK
Thomas Mathew believes MCX-SX will be able to generate the necessary funds and rights issue is not the only way to infuse capital into the system. The exchange is confident of raising Rs 200 crore via rights issue, beyond that, it has a plan B of preferential placement, strategic investors, mergers, which is for the long term, he added.
Below are edited excerpts from the interview:
Menaka: How's the response to your rights issue? How crucial is this response for your exchange to stay alive? Are you getting enough money? You have downscaled that issue to almost half its size at about Rs 200 crore now. Will you meet that Rs 200 crore?
A: Rights issue is not the only way we are going to make the capital infusion. Presently, we have started the rights issue and are in touch with all our shareholders particularly, the banks. The response is good. We have time, the funds have started coming in and with positive things happening in banks and our other shareholders, we are hopeful that we will be able to generate the funds required.
Menaka: Will you meet Rs 200 crore target?
A: We will hopefully meet our Rs 200 crore target for the rights issue. However, beyond that we have other plan B of preferential placement, strategic investors, mergers, which is for the long term.
Menaka: Who will you preferentially place your stocks with, if your own institutional investors are reluctant to put money into the exchange?
A: I won't say they are reluctant. Who says they are reluctant?
Menaka: You won't commit to me that you will meet Rs 200 crore. So, it seems that the response is not good enough for you to believe.
A: We are hopeful of getting sufficient funds through this rights issue. There is a positive response from our shareholders and we are in touch with them. Our team is making presentation to them, clarifying whatever they require and presently I am in touch with all the CMDs and other people in banks and other shareholders. We are very hopeful that we will be able to come out.
Menaka: How will you stay afloat? Your Rs 100 crore networth limit seems to be under threat at this point in time. You are talking of preferential issues or strategic investors but the real truth is that given the shadow of FTIL and Jignesh Shah, which you may have been able to diminish, it is going to be very tough for you to find investors. Given the other regulatory situation about voting right caps, it is the other big burden and third you are clearly in a desperate position.
A: There is no shadow today. Today, this exchange has been totally ring fenced. There is no direct linkage on our board for FTIL or MCX. The MCX-SX stock exchange, today, is run by a new board and public interest directors nominated by Sebi. We have a new managing director and CEO, we have new people on the board and it is being run in a very professional way.
There is no cloud or shadow of whatever has been happening earlier. During the last 3-4 months with various efforts that the board has generated, we have been able to come out quite a lot. Today the board is working with a very clear agenda, a five point action plan with timelines that we are rolling out.
Sajeet: Are 80 percent of your shareholders public sector banks?
A: Nearly 66 percent is public sector banks.
Sajeet: And are there other institutions?
A: Absolutely.
Anda sedang membaca artikel tentang
Have plan B if Rs 200cr rights issue don't work: MCX-SX
Dengan url
http://kebugaranhidup.blogspot.com/2014/04/have-plan-b-if-rs-200cr-rights-issue.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Have plan B if Rs 200cr rights issue don't work: MCX-SX
namun jangan lupa untuk meletakkan link
Have plan B if Rs 200cr rights issue don't work: MCX-SX
sebagai sumbernya
0 komentar:
Posting Komentar