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NSEL commences remittance of payout to eligible unit-holders of E-GOLD

NSEL had a total of 617.5 Kgs. of Gold eligible for Rematerialisation and Financial Closure.

May 24, 2014 2:14 IST | India Infoline News Service
As part of the financial closure of e-Series, National Spot Exchange Ltd. (NSEL) has today announced commencing direct remittance of payout to over 21000 unit-holders of E-GOLD at the average rate of Rs. 2935.9925 per unit (i.e. per gram).

NSEL had a total of 617.5 Kgs. of Gold eligible for Rematerialisation and Financial Closure. Pursuant to FMC issuing the NOC, the Exchange had issued the circular dated 4th April 2014 for Rematerialization / Financial Closure of e-Series Settlement.

A total of 85.5 Kgs. of Gold were released to the unit holders in the Rematerialisation process. The remaining 532 Kgs. of Gold that were held by NSEL on behalf of unit holders were taken up for Financial Closure starting May 08, 2014. Of this 477 Kgs. of Gold were sold through auction which is 89.70% of the stock available for Financial Closure.

So, all eligible unit-holders of E-GOLD will get remittance to the tune of 89.70% against their each unit of holding, while the remittance for their remaining 10.30% will be given once NSEL auctions the remaining stock.

For other metals, the auction is in progress and the direct payout will be released to eligible unit holders as per the circular issued by NSEL dated May 08, 2014.

The activities for Rematerialisation and Financial Closure were undertaken in a transparent manner through daily web updates of Stock Available for Rematerialisation, Stock Allocated, Stock Available for Financial Closure, Sale of Stock through auction, Amount to be received by unit holders through such sale and remittance details of pay out to unit holders.

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