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Our Bureau

Mumbai, Nov. 2 FMC has approved Financial Technologies (India) Ltd. (FTIL) proposal to bring down its holding in Multi Commodity Exchange of India to 38 per cent.

“There are some 6-7 firms that are interested in picking up stake in the exchange for which we have already granted approval,” said Mr. B. C. Khatua, Chairman of the Forward Market Commission.

The last stake sale of 15 per cent was made to Merrill Lynch (5 per cent), Citigroup (5 per cent), Passport India Investment (Mauritius) (3 per cent) and GLG Financials Fund (2 per cent) after which FTIL’s shareholding in MCX declined to 49 per cent. The sale of 15 per cent by FTIL was reported to have fetched the company about Rs 720 crore.

However, the MCX management has said it would wish to remain silent on its plans.

More Stories on : Commodity Exchanges | Power

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FMC nod for MCX promoter to prune stake

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