The country's premier stock exchanges, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), today launched separate platforms for small and medium enterprises (SMEs), giving them an option to tap the market for much needed capital.
The BSE SME Exchange today started operations with the listing of BCB Finance shares at an 8-per cent premium while the NSE's `Emerge' opened itself for SME listing with an online announcement on the bourse's website.
On the BSE SME Exchange, BCB Finance, the Mumbai-based, non-banking finance company, raised Rs8.85 crore with an issue of 3.54 million equity shares in a public offer.
The stock opened at Rs27 (an equilibrium price decided in pre-opening session) against the Rs5 issue price on BSE SME Exchange.
BCB divested a 30.78-per cent stake in the IPO raising a little under Rs9 crore. Bharat Bagri and his family entities who are promoters of the firm, hold 69.22 per cent and the company, which has a market capitalisation of Rs29 crore.
According to BSE managing director Madhu Kannan, who inaugurated the BSE SME exchange, it hoped to list 10 companies in FY'12 and nearly 100 companies on its trading platform in the next 18-months.