Offshore services provider Jindal Drilling & Industries Ltd will raise Rs 1.54 billion after its board on Friday approved issuing 1.2 million shares to Citigroup at Rs 1,280 each for a 10.5 per cent stake. The funds will be used for capex and business plans, the company said in a statement. Jindal's board also approved acquiring 49 per cent in Singapore-based Virtue Drilling Pte Ltd. ( Economic Times) […]

Leading financial services groups ICICI, IL&FS and Kotak have bought a combined 9.55% stake in Multi Commodity Exchange of India (MCX), India’s largest commodity derivatives exchange. The transactions put the valuation of MCX at over $1 billion. ICICI Venture has picked up 3.55% stake, while IL&FS and Kotak bought 5% and 1% respectively. This brings down promoter Financial Technologies's (FT) holding in MCX to 37.5%. The compelling valuation story in exchanges — as earlier reflected in institutional interest in leading bourses like NSE and BSE — has been the driver behind these investments. “We are currently not looking at any further dilution of stake. The equity from the current stake sale will be deployed in improving the exchange infrastructure,” said MCX MD and CEO Jignesh Shah. Earlier during the year, FT had sold 5% stake each to Citi and Merrill Lynch at similar valuations. The comex, it may be mentioned, has already expressed its intention to go for an IPO. […]