Kolkata: CSE moves closer to selling its 3-acre land off EM Bypass
The Calcutta Stock Exchange (CSE)’s proposal pertaining to the sale of its 3-acre land off EM Bypass has recently received the approval from the shareholders of the exchange. The shareholders’ approval brings the CSE a step closer to the land sale; with Sebi already having given its consent to CSE to sell the land last month.
The proposed sale of the 3-acre land by the CSE will pave the way for the local bourse to mobilise much-required funds to recover from its current crisis as well as to avoid a possible de-recognition by market regulator Sebi.
By selling off the 3-acre land off EM Bypass, the CSE will be able to earn an amount of approximately Rs 250 crore. The projected amount will apparently be utilized by the CSE board for raising a stake in a clearing corporation — a move which will not only enable the bourse to restart its own trading platform C-star, but will also notably improve its net worth.
Revealing that the sale of the 3-acre land is apparently on the cards in the near future, CSE’s Managing Director and CEO B. Madhav Reddy said that the shareholders gave the go ahead to the land sale at a recently-held general meeting.
Reddy further added: “The fact that Sebi had given consent to sublease our leasehold land at EM Bypass through its letter dated May 26 goes to show that there is no question of the closure of exchange.”
Source – The Telegraph
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