MMTC to exit ICEX, starts process to divest 9.5% stake in the exchange

State-run trading company MMTC has initiated the process of divesting its 9.55 per cent equity in the Indian Commodity Exchange (ICEX), marking its exit from the bourse. The exchange is a public-private partnership, with Reliance Exchange Next Ltd, MMTC, Indiabulls Housing Finance Ltd, Indian Potash Ltd, Kribhco, and IDFC Bank as the major shareholders. In January last year, MMTC had divested its 10 per cent equity in the exchange. Now, it wants to liquidate the balance 3.2 million shares with a face value of five rupees each. MMTC has proposed to rope in a consultant or merchant banker to manage the disinvestment.  A source at MMTC said: “Our board has decided not to make any further investment in the ICEX and pull out of it. Initially we held a 26 per cent stake in the exchange and had a say in its decision-making. But our equity has been coming down and being a minority participant does not make sense.” During its last sell-off of 10 per cent equity, MMTC got double the face value of each share. From this stake sale of 3.2 million shares, it hopes to mop up at least Rs 32 crore. Astrology and Numerology Trading Tips