NCDEX ropes in Globe Capital, Kotak Life, Tower Research for ₹770-cr equity push

NCDEX has drawn up a roster of heavyweight investors, including Globe Capital Market, Kotak Mahindra Life Insurance, Tower Research Ventures, and Billionbrains Garage Ventures, proposing an over 2 per cent stake each for its ₹770-crore preferential share issue to fund its entry into the equity segment.

60 investors

In total, more than 60 investors are lined up for the allotment, including global players such as Citadel Securities Principal Investments, Acacia Banyan Partners joining domestic names such as Share India Securities, Jainam Broking, and Marwadi Chandarana Intermediaries.

Online broking firms Zerodha and Groww are also on the list for nearly a per cent stake, alongside marquee investors Radhakishan Damani, Ramesh Damani, and Madhusudan Kela.

Globe Capital is the single largest proposed investor, to subscribe 2.9 per cent of post-issue capital for ₹51 crore, followed by Billionbrains and Acacia Banyan Partners each in line for stakes exceeding 2.5 million shares for ₹50 crore.

The commodity exchange has already raised some part of the funds and will place a proposal to offer 3.9 crore shares at a premium of ₹187.34 per share of face value ₹10 before shareholders on September 25. The exchange received in-principle approval from the markets regulator in July to launch equity and equity derivatives trading.

Proceeds from the preferential issue will be used to build out its equity and equity derivatives platform, including technology infrastructure, risk management, and compliance systems. Remaining funds will be used for general corporate purposes and working capital.

The offer is likely to open on September 29 and remain valid for eight days, though NCDEX has the flexibility to close earlier once commitments are confirmed. The allotment must be completed within 60 days of receiving funds.

The National Stock Exchange, LIC, NABARD, ICICI Bank and IFFCO are already some of the large investors in NCDEX. It currently offers contracts in cereals, pulses, oilseeds, fibres, spices, guar complex and metals, and will now seek to leverage this deep rural base to expand into the equity space.

Published on September 2, 2025