Business Daily from THE HINDU group of publications
Friday, Jun 05, 2009
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Business Daily from THE HINDU group of publications Friday, Jun 05, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Agri-Biz & Commodities
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Commodity Exchanges MCX arm to divest 6.48% equity Our Bureau Mumbai, June 4 MCX Stock Exchange, a subsidiary of Financial Technologies and Multi-Commodity Exchange (MCX), on Thursday announced the divestment of 6.48 per cent equity to Union Bank of India and Bank of India. MCX, a group company of Financial Technologies (FT), owns 51 per cent stake in MCX Stock Exchange, while FT directly owns 49 per cent stake in the stock exchange. The deal has been valued at Rs 87.5 crore, a release issued by MCS Stock Exchange said. The individual stakes and payments made by the two banks couldn’t be known. MCX Stock Exchange is the new national level stock exchange, last year it launched trading platform for currency futures trading. The exchange is also planning to divest additional 11.52 per cent stake to other banks. “In total 18 per cent stake will be divested with the top Indian public and private sector banks as strategic investors,” the company said. More Stories on : Commodity Exchanges | Disinvestment
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