Will give over 100% profit in less than 3 years on its investment in MCX
NYSE Euronext (NYX) which acquired 4.79% stake in the Multi Commodity Exchange (MCX) in June 2008, may exit India’s largest commodity exchange. The exit by the world’s leading and most diverse financial market group will give over 100% profit in less than three years on its investment in MCX.
Since the investment was made prior to the exchange’s IPO, the deal if takes place will only be announced after completion of one year of the IPO which may happen in around second week of March.
NYSE Euronext had acquired 39.07 lakh shares from the promoter group at Rs 559 a share aggregating Rs 218crore at an enterprise value of above $1.1 billion. The share acquisition was announced completed on July 2, 2008.
The MCX spokesperson neither confirmed nor denied the deal. “No comment,” was his response when quizzed about the deal.
“NYSE Euronext must have exited from the exchange due to profit,” said an analyst.
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