Metropolitan Stock Exchange has raised ₹238 crore through issuance of equity share on a private placement to a group of investors including promoters of Groww and Zerodha.
The board of the exchange in a meeting held on Tuesday said it has allotted 119 crore equity share of ₹1 at a premium of ₹1 to clutch of investors.
Subsequently, shares will be issued to prominent investors such as Billionbrains Garage Ventures, which owns tech-driven broking firm Groww, Rainmatter Investments promoted by Zerodha’s Nithin Kamath and Kailash Nadh, Securicorp Securities India and Share India Securities.
The allocation of shares will be subject to approval by members of the company at the ensuing extra ordinary general meeting, said the exchange.
The exchange intends to use the fund raised to strengthen technological infrastructure, expand its market presence and operations, improve liquidity and trading volumes and launch new products and services tailored to Indian and global investors.
Incidentally, discount broking firm Zerodha promoters booked profit on their investment in BSE in the June quarter.
Zerodha reduced its stake in BSE from 23.3 lakh shares (1.72 per cent) in the March quarter to 19.8 lakh (1.46 per cent) in the June quarter. This reduction follows BSE’s exceptional performance rallying 140 per cent in last one year to ₹5,541 a piece against ₹2,311 logged on December 26, 2023 and in last three months it was up 44 per cent while it jumped 23 per cent in one month. Zerodha’s stake in BSE was valued at about ₹563 crore.
The total valuation of Zerodha’s portfolio in listed stocks was ₹1,536 crore. Meanwhile, the Kamath brothers, founders of Zerodha, have an estimated net worth of ₹41,000 crore, according to the Hurun India Rich List 2024.