The Metropolitan Stock Exchange of India (MSE) is set to raise Rs 238 crore from four entities, including BillionBrains Garage Ventures – the parent of Grove – and Zerodha’s Rainmatter Investments.
Others investing in MSEI are BSE-listed Shares India Securities and Securocorp Securities India.
The meeting of the board of directors of the exchange held on Tuesday approved the issuance of equity shares worth Rs 1.19 billion to these four investors through private placement at a face value of Rs 1 and a premium of Rs 1 per share.
The proposed distribution will have to be approved by the shareholders at the upcoming Extraordinary General Meeting (EGM).
Among the participating investors, Share India Securities has committed Rs 59.5 crore for a 4.958% stake in MSE.
In its regulatory filing, Share India Securities asserted that it was a “strategic decision” linked to its aim to strengthen its presence in the financial services and securities market ecosystem.
The investment will give Share India Securities 29.75 crore equity shares at Rs 2 per share.
“We are excited to announce our strategic investment of around Rs 60 crore in MSE, marking an important milestone in our journey to support and shape the future of Indian financial markets,” said Sachin Gupta, CEO and Whole Time Director, Share India Securities. , said.
Struggling to maintain its position in a competitive market dominated by big exchanges like NSE and BSE, MSE is taking steps to revive its operations.
Founded in 2008, the exchange initially gained traction in the currency derivatives segment but has faced challenges scaling its capital markets, futures and options, and debt markets segments.
Despite its struggles, MSE is optimistic about its future, with this fresh infusion of funds expected to provide a much-needed lifeline.
7.36 crore in FY24, compared to Rs.7.36 crore in FY23. 9.21 crores.