Indian Commodity Exchange (ICEX), a screen based on-line derivatives exchange for commodities, will start its operations in June 2016, subject to regulatory approvals. The initial focus of ICEX will be on non-agri products - such as precious metals and crude - and the offerings will be expanded to other commodities in due course.
The exchange has also completed its maiden rights issue of Rs 50 crore. The rights issue has been fully subscribed at 100 percent premium to face value, valuing the exchange at Rs 250 crore.
ICEX has a strong base of diverse shareholders - including MMTC, Indian Potash, Kribhco, and IDFC Bank - with Reliance Capital, a part of Anil Ambani led Reliance Group, being the largest shareholder.
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