The Financial Technologies (India) Ltd (FTIL), promoter of Multi Commodity Exchange (MCX) has become one of the shareholders of country's largest stock exchange, the National Stock Exchange (NSE) of India Ltd.
In an announcement to the stock exchanges (SEs), FTIL said, it has bought 4.50 lakh shares of NSE from the ICICI Bank at a total outlay of Rs 125 crore.
ICICI Bak now holds 4.5% in NSE after the present stake sale.
The average share price of NSE share works out to be Rs 2,778 per share. It may be recalled that earlier this year, NSE had divested 20% of its stake to well known global investors like Goldman Sachs, General Atlantic Partners and Soft Bank along with the New York Stock Exchange (NYSE) bought 5% each in the NSE, valuing the exchange at over $2.3 billion.
Officials both from FTIL and ICICI Bank were not available for comment.
Later, it sold another 6% stake to some of the foreign shareholders including Morgan Stanley.
However, still there are Indian financial institutions including state run banks which hold sizeable stake in the NSE and the capital market regulator has asked them to bring down NSE stake inline with the demutualisation guidelines notified by it, which say not a single entity can hold more than 5% stake including the persons acting in concert (PACs) in stock exchange.
Source: Fincancial Express