The Hindu Business Line : Merrill Lynch, Citigroup pick 5% each in MCX

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Merrill Lynch, Citigroup pick 5% each in MCX

Our Bureau

Mumbai, Sept. 28 Merrill Lynch and Citigroup have acquired 5 per cent stake each in the Multi Commodity Exchange of India Ltd (MCX). The total 10 per cent stake was purchased from Financial Technologies (India) Ltd.

Financial Technologies plans to invest the proceeds in National Spot Exchange Ltd and National Bulk Handling Corporation Ltd.

The company has also signed definitive agreements with Passport India Investment (Mauritius) Ltd and GLG Financials Fund for sale of a 3 per cent and 2 per cent stake, respectively, in MCX.

MCX received valuation ranging from $1.0 billion to $ 1.1 billion for the above transactions, as per the notification on the BSE Web site.

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