Billionbrains Garage Ventures, the parent company of Groww, along with Zerodha’s Rainmatter Investments, Securocorp Securities India, and Share India Securities, will collectively invest ₹238 crore in the Metropolitan Stock Exchange (MSE). During a board meeting on Tuesday, the exchange approved the issuance of 119 crore shares to these investors at ₹2 per share, marking a renewed effort to revive the struggling market intermediary.
Share India Securities, a publicly listed company, announced plans to invest ₹59.5 crore in the Metropolitan Stock Exchange (MSE) by purchasing 29.75 lakh shares, representing 4.96% of the exchange’s post-issue paid-up share capital. The company disclosed to the exchange that it expects to finalize the investment within 60 working days.
“We see this milestone as a pivotal step toward expanding our product offerings, addressing the needs of domestic and international institutional investors, especially given new regulatory measures,” said Sachin Gupta – CEO & whole-time director of Share India Securities. “The anticipated trading volumes from these new products are expected to enhance revenue visibility and align with the market’s growing emphasis on long-term strategies.”
The specific investment amounts by Billionbrains, Rainmatter, and Securocorp in the Metropolitan Stock Exchange (MSE) remain unclear.
Notable shareholders of MSE include Radhakishan Damani, the founder of Dmart, and Enam co-founder Nemish Shah, along with major banks such as SBI, Bank of Baroda, Punjab National Bank, HDFC Bank, and Union Bank of India.
The exchange, established initially as MCX-SX by Jignesh Shah in 2008, quickly became a competitor to the NSE and BSE. However, Shah lost ownership of the exchange following the NSEL scam. In May 2013, it began trading derivatives of its flagship equity index, SX40, which consists of 40 large-cap stocks based on free float.
As of March 31, the exchange reported a consolidated loss of ₹48.74 crore, up from ₹18.67 crore the previous year. Its revenue from operations dropped by 25.14%.
