The Hindu Business Line : ICICI Bank may sell entire stake in NCDEX

ICICI Bank Ltd may sell its entire 8 per cent stake in the National Commodities and Derivatives Exchange Ltd (NCDEX) to the Atlanta-based Intercontinental Exchange Inc, which owns the New York Board of Trade (NYBoT).

Confirming the deal, Mr Joseph J. O'Neill, Senior Vice-President, NYBoT, said, "Though an agreement has not been inked, both the parties have agreed in principle to take the deal forward". However, he declined to comment on the size of the deal.

Last July, New York-based investment banker Goldman Sachs acquired 7 per cent stake, divested by ICICI Bank, in NCDEX for Rs 106 crore. NCDEX, which was then valued about Rs 1,520 crore, is an unlisted, public limited and de-mutualised commodities futures exchange.

More Stories on : Commodity Exchanges | Private Banks | ICICI Bank Ltd

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