Others

Clarification - Divestment of equity shares of Multi Commodity Exchange of India Limited (MCX)

| Updated on August 01, 2014 Published on August 01, 2014

This is with reference to the Company announcement dated 20th July, 2014 titled "Divestment of equity shares of Multi Commodity Exchange of India Limited (MCX)" wherein the company has informed that it has entered into a share purchase agreement with Kotak Mahindra Bank Ltd. to sell 15% stake held in MCX for a consideration of approximately Rs.459 crores.

The Exchange had vide email dated 21/7/2014 sought clarification from the company as to how the purchase price per share (amounting to approx Rs. 664/-) - a significant discount to the then prevailing market price per share, was in the interests of the shareholders of the company. The company was sent reminders vide mails dated 22/7/2014, 24/07/2014, 26/07/2014 and 30/7/2014.

The company responded vide its email dated 31/7/2014 seeking clarification regarding the clause of the Listing Agreement under which the clarification was sought.

The exchange has informed the company today that the clarification is sought in terms of Point 4 (A) of SEBI circular No. CIR/CFD/POLICY CELL/13/2013 dated November 18, 2013 pertaining to "Compliance with the provisions of Equity Listing Agreement by listed companies - Monitoring by Stock Exchanges".

The reply from the company is awaited.

Source : BSE - >www.bseindia.com

Published on August 01, 2014
This article is closed for comments.
Please Email the Editor