Hyderabad, Nov 15: The members of the Hyderabad Stock Exchange (HSE) have resolved to float a new subsidiary company which will take up the membership of the National Stock Exchange (NSE).The resolution to form the new company, Hyderabad Stock Exchange Securities Ltd, with an authorised capital of Rs 5 crore, was passed at an EGM of the HSE on Friday. Earlier, the EGM cleared the proposal to seek NSE membership.
The new company will also improve the existing or allied business of the HSE or any other business related to the securities market. According to a press release, it has been further resolved to invest or subscribe in the 50 lakh equity shares of Rs 10 each in Hyderabad Stock Exchange Securities Ltd, or give loans, guarantee of a sum not exceeding Rs 5 crore to the new subsidiary by raising loans from banks, FIs.
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