MCX plans IPO

Kolkata, Nov 10 (UNI) Multi-Commodity Exchange (MCX) is planning to launch initial public offering (IPO) to raise funds for expansion.

The commodity exchange has already filed the red herring prospectus with the SEBI, MCX Managing Director and CEO Jignesh Shah told reporters.

The exchange plans to raise around Rs 400-500 crore with the issue.

"The proceeds from the issue will be used to increase pan India infrastructure required to stand in international competition with exchanges like London Metal Exchange (LME)," Mr Shah said.

Mr Shah hoped that the government would take a rational stand and allow the foreign investors to invest in the bourse.

Foreign fund house Fidelity has already invested 49 million dollars to take around 9 per cent stake in the MCX.

UNI TJP JYN/SRC1600