ASE to sell iconic Manek Chowk Building
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- Pandora Box
- Wednesday, 06 June 2012 15:25
- Published on Wednesday, 06 June 2012 15:25
- Hits: 834
Gujarat Global News Network, Ahmedabad
It is a fight for survival for the Ahmedabad Stock Exchange (ASE). Members of the Ahmedabad Stock Exchange have decided to sell its properties, including the heritage building at Manek Chowk to generate cash and be able to fulfill conditions out by SEBI.
SEBI had issued a circular last week — Exit Policy for De-recognized or Nonoperational Stock Exchanges. The circular offered regional stock exchanges an option of making a voluntary exit or achieving an annual turnover of Rs 1,000 crore (about Rs 4 crore every day). It further said exchanges should have a net worth of Rs 100 crore to operate.
ASE’s net worth is around Rs 56 crores at present. The sale of its property will add about Rs 70 crore. “The ASE board has agreed to sale of all its properties,” said Hemantsinh Jhala, ASE chairman. ASE will have to get the sale proposal cleared by the SEBI. “AMC has conveyed to ASE that whoever buys this building will have to retain its heritage value,” says Gaurang Dalal, former chairman of ASE.
The 93- year old historic building in Manek Chowk is owned by ASE. The building is a symbol of entrepreneurship and Ahmedabad’s business history as it was one amongst the first three stock exchanges in India -- ASE is the oldest exchange after BSE and was started in 1894. ASE members say the current valuation of the Ellisbridge premises is close to Rs 55 crore and that of the Manek Chowk building is Rs 8 crore.
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