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Some of the employees of Multi Commodity Exchange, individual investors and leading stock brokers seem to have placed their bids for the 40 crore warrants of Metropolitan Stock Exchange put on the block by MCX. The last day for submitting the bids was Tuesday.
Though MCX did not receive bids for buying the entire 40 crore warrants, it found a helping hand from some of the employees who showed interest at the last moment, said sources. Most of the bids were made at the base price of ₹1.10. MCX did not respond to questions sent by BusinessLine .
The exchange holds 58.26 crore warrants which need to be converted into one equity shares each by June 19 in line with the three-year validity provided at the time of allotment. In March, MCX sold 3.05 crore warrants of the stock exchange for ₹2.50 each (premium of ₹1.50 a warrant) to Infrastructure Leasing and Finance Services raking in ₹7.63 crore. Following the IL&FS deal, MCX holds 58.26 crore warrants valued at ₹117.91 crore and 4.10 per cent equity stake in MCX Stock Exchange.
A few buyers who had shown interest in buying the warrants after the IL&FS investment are now renegotiating the price after the recent write-down in value, said sources.
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