CSE to seek shareholders' nod at EGM to sub-lease EM Bypass land for Rs 253 crore

Kolkata, Dec 23 (PTI) The Calcutta Stock Exchange Limited (CSE) has sought shareholders' approval at an Extraordinary General Meeting (EGM) for sub-leasing three acres of its land on EM Bypass to Srijan Infrapromoters LLP for Rs 253 crore, following clearance from market regulator SEBI.

The EGM for the said approval will be held on January 16, 2026, through digital mode.

The meeting will enable CSE to execute the sub-lease deal to raise resources as it proceeds with its exit as a stock exchange. SEBI has granted its no-objection for the proposed sub-lease through a letter dated December 15, 2025.

As per the regulator's conditions, the entire sub-lease proceeds of Rs 253 crore will be parked in an interest-bearing escrow account or fixed deposit with a scheduled bank, with a lien in favour of SEBI, and the funds cannot be released without the regulator's permission, sources told PTI.

The exchange said the proceeds may be used to settle any shortfall in liabilities arising from CSE's exit from the stock exchange business, but only after exhausting its own financial resources.

CSE had said shareholders were informed at its 102nd annual general meeting in November that Srijan Infrapromoters LLP had emerged as the highest bidder for the land parcel through a competitive bidding process conducted by property consultant JLL.

A provisional allotment letter was issued to Srijan Infrapromoters in September 2024, following which CSE approached SEBI for approval. The regulator had sought various documents, including a no-objection certificate from the Kolkata Municipal Corporation, before granting approval.

CSE said the sub-lease proceeds would also be utilised for investment in its subsidiary to undertake stock broking activities to provide trading opportunities to its members post-exit, in line with SEBI's exit framework.

The exchange is also exploring new business avenues such as investment banking, non-banking financial services and margin funding in the interest of shareholders. PTI BSM RG