IFCI Ltd has acquired 5-per cent stake in MCX Stock Exchange Ltd from Financial Technologies (India) Ltd for Rs250crore, the company said in a filing with the Bombay Stock Exchange.
MCX-SX has sold its stake at Rs 35 per share, valuing at Rs 5,000 crore in the second round of disinvestments. It started its first round of divestments last month in order to meet the regulatory requirements.
In the first week of June, the company had announced divesting 18 per cent of its equity to Indian banks. Of this, it had sold 6.48 per cent to Union Bank of India and Bank of India through a primary offering for Rs 87.5 crore. The banks picked up shares at Rs10 per share, valuing the exchange at Rs 1,390 crore at that time.
MCX-SX, a subsidiary of India's largest commodity exchange Multi Commodity Exchange of India (MCX) and MCX is the first multi-commodity exchange in the world recognised under section 4 of Securities Contract (Regulation) Act, 1956 by SEBI.
MCX-SX is one of the India's largest currency futures exchange which commenced operations in October 2008, with over 575 SEBI registered members including 17 banks and has presence in over 451 cities and towns in India.In March, Financial Technologies had refuted reports about initiating stake sale talks with the London Stock Exchange (LSE).In May, IFCI made its first attempt to find a suitor for selling its stake after a period of six months from prospects.
Source: Domain B