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National Stock Exchange and West govt sign MoU to facilitate fundraising for SMEs in the State
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National Stock Exchange and West govt sign MoU to facilitate fundraising for SMEs in the State

| @indiablooms | 22 Nov 2023, 09:29 pm

Kolkata: The National Stock Exchange (NSE) and the West Bengal government have signed a Memorandum of Understanding (MoU) to spread awareness amongst MSMEs of the state regarding fundraising via the IPO mechanism using NSE Emerge which is the SME platform of NSE.

West Bengal’s MSME & Textiles Special Secretary Debashish Bandhyapadhyay and National Stock Exchange, Mumbai, today at Kolkata in the presence of West Bengal Chief Secretary Dr H K Dwivedi and MSME & Textiles Principal Secretary Rajesh Pandey.

NSE’s Chief Business Development Officer Sriram Krishnan for exchange of MOU.

As part of the understanding, NSE with the support of the Government of West Bengal, shall conduct awareness drive-through seminars, MSME camps, knowledge sessions, road shows, and workshops to guide corporates across the state for fundraising on the NSE Emerge platform and handhold companies in the listing process.

West Bengal MSME & Textiles Principal Secretary Rajesh Pandey said: “We have been working tirelessly to grow and facilitate the MSME sector. Today at ‘Bengal Global Business Summit’, we have signed an MoU with the National Stock Exchange to encourage and support the MSMEs of our state to pursue the capital market for growth opportunities.

“Listing on the capital market shall help them raise capital to fuel their growth story. This shall provide an opportunity to showcase their business to a larger set of investors through NSE Emerge platform. As a part of the MOU, we shall facilitate and jointly conduct awareness sessions for the MSMEs to help them understand the process of fundraising and the benefits of listing on the stock exchange.”

NSE Chief Business Development Officer Sriram Krishnan said: “Today, at the ‘Bengal Global Business Summit’ held in Kolkata, Government of West Bengal and National Stock Exchange have entered in a MoU to collaborate and support the growth of MSMEs via NSE Emerge and also setting up of alternative fund platform for state MSMEs.

NSE Emerge enables SMEs to raise capital in an efficient manner and increase their visibility through listing on the stock exchange. We shall organize awareness sessions for MSMEs of the state in collaboration with the Government and provide a walk-through of the fund-raising process. We urge the MSMEs in the state to come forward and avail the new source of financing through NSE Emerge.”

As of today, NSE’s SME Emerge platform currently has 396 companies from various sectors, listed. The total funds raised on the platform to date is over Rs 7,800 crore.

The market capitalisation of these companies has crossed Rs 94,000 crore.

The platform has 16 companies listed from West Bengal on the SME Emerge platform and has collectively raised Rs 224.43 crore.

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