1 Min Read
MUMBAI (Reuters) - National Multi Commodity Exchange (NMCE) will merge with Indian Commodity Exchange (ICEX) creating the country's third biggest commodity exchange, they said in a statement on Monday.
The ICEX will hold a 62.8 percent stake in the merged entity, while NMCE shareholders will own the rest, the companies said.
The merger has been approved by the boards of both exchanges and is expected to be completed by December, subject to regulatory approvals, the companies said.
Reporting by Rajendra Jadhav; Editing by Gopakumar Warrier