The Gaurav Arora-owned Jaypee Capital is an anchor investor in it, with a 22.38 per cent stake. Jaypee has done two deals to sell 10 per cent stake; talks with some investors for selling the other 12.38 per cent is in the final stage, and likely to be completed in a few days. The shares are being sold at Rs 180 apiece against the acquisition price of Rs 59 three years earlier, said two persons. NCDEX has a paid-up equity of Rs 50.7 crore.
Jaypee acquired stake in NCDEX at a concessional price, with a rider that the buyer would have to help the exchange raise its turnover in stages over three years. If not, the entity would have to make good the discount it had received. Currently, NCDEX’s average daily volume is Rs 3,500 crore. Before Jaypee’s entry, NCDEX had done a rights issue at Rs 110 apiece.
As the three years are coming to an end, Jaypee is selling the stake at a profit. Even after repaying the discount, it would make a profit, as the deals are at Rs 180 a share, valuing the exchange at Rs 900 crore. The exchange, according to a source, would function as an institutions-owned, without anchor investors. “The exchange has matured to grow on its own without an anchor and would remain professionally managed.”
According to sources, the IDFC and Oman deal pacts have been sent to the regulator, the Forward Markets Commission (FMC), for approval.
FMC is exploring whether to allow shareholders to trade on the same exchange, with some checks. The regulator had recently sought comments from exchanges on the subject.