CRISIL Reaffirms Highest Grade To MCX IPO (11-Jan-2012)
Credit rating agency, CRISIL has reaffirmed 5/5 grade to the initial public offering (IPO) of India's leading commodity exchange Multi Commodity Exchange of India (MCX). The earlier rating affirmed by CRISIL had expired on June 15, 2011 due to which rating agency undertook fresh grading exercise.
MCX had filed the draft red herring prospectus (DRHP) with the market regulator SEBI for initial public offer (IPO) of 6,427,378 equity shares of Rs 10 each again in April 2011. Earlier it had filed DRHP in February 2008.
Financial Technologies India (FTIL), State Bank of India (equity), GIG Financials Fund, Alexandra Mauritius, Corporation Bank, ICICI Lombard General Insurance Company and Bank of Baroda will be diluting their stakes through this public offer. So the company will not receive any money through this offer. Through this IPO the promoter FTIL will reduce its stake to 26% from 31.2%.
Edelweiss Capital, Citigroup Global Markets India Private and Morgan Stanley India Private are the book running lead managers to the issue.
The object of the offer is to achieve the benefits of listing on the Stock Exchange and to carry out the sale of 6,427,378 equity shares by the selling shareholders. The listing of the equity shares will enhance company's brand name and provide liquidity to the existing shareholders. Listing will also provide a public market for the equity shares in India. The company will not receive any proceeds from the offer.
MCX is the leading commodities exchange in India based on value of commodity futures contracts traded.
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