NCDEX got in-principle approval from Sebi to launch equity and equity derivatives trading in July after which India’s largest agri-commodity exchange raised Rs 770 crore from a clutch of institutional investors and HNIs to compete with BSE and NSE in the equity segment.
The fund-raising saw India’s largest online stock broking platform Groww picking up 2.82% stake in NCDEX worth about Rs 50 crore, according to sources aware of the matter. Zerodha, on the other hand, invested about Rs 17 crore for 0.96% stake.
Radhakishan Damani picked 1.41% stake for Rs 20.26 crore while Ramesh Damani, Sunil Singhania and Madhusudhan Kela invested Rs 15 crore each for 0.85% stake.
In the preferential issue, shares were allotted at a price of Rs 197.34 per unit. In the unlisted market, the stock is up 25% in the last one month with shares trading at Rs 415 on Unlisted Zone platform.
Also Read | NCDEX gets in-principle Sebi nod to launch equities, derivativesKenneth Griffin-founded Citadel Securities is investing Rs 17 crore, while US-based high frequency trading (HFT) firm Tower Research is putting in Rs 34 crore.Other prominent names include Kotak Mahindra Life Insurance, JM Financial and Acacia Partners.
NCDEX officials said the fundraiser was aimed at HFTs, brokers and HNIs who are active traders as they have skin in the game.
Given the bourse’s deep penetration in the hinterlands due to agricultural commodities, NCDEX will be eyeing equity traders in smaller towns as it plans foray in the cash market segment first before launching derivatives.
“The technology and infrastructure development required for equity segment work is already underway,” a source aware of the development at NCDEX said.
While giving in-principle approval to venture into equities, Sebi directed NCDEX to start its equity offering first in the cash segment, the source said.
NCDEX is being pitted against the Metropolitan Stock Exchange (MSE) which also has plans to offer derivatives products.
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