National
Multi Commodity Exchange (NMCE) will merge with Indian Commodity
Exchange (ICEX), where Reliance Capital is the largest investor, in an
all-stock deal to create the country's third-largest commodities bourse.
This
is the 1st merger deal in the commodity exchange space and the merged
entity will offer the world's first diamond futures contract along with
a wide range of contracts, including bullion, oil, rubber and other
agri-commodities.
Reliance Capital is the largest investor in ICEX and will continue to be the largest shareholder post merger, along with others.
As
per the agreed swap ratio, ICEX shareholders will hold 62.8 per cent
stake and NMCE's will hold 37.2 per cent in ICEX, post merger.
