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| Fin Tech sells 5% in MCX-SX for Rs 250 cr |
| BS Reporter / Mumbai Jul 19, 2009, 00:24 IST |
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Financial Technologies, which runs a network of exchanges, today said that it has sold a 5 per cent stake in MCX Stock Exchange (MCX-SX) to non-banking finance company IFCI for a consideration of Rs 250 crore.
The secondary market transaction, done at a price of Rs 35 a share, values MCX-SX, which is at present involved in currency futures trading, at around Rs 5,000 crore. Based on the last stake sale, the 133-year-old Bombay Stock Exchange was valued at around Rs 4,300 crore, while National Stock Exchange, the country’s largest stock exchange, was valued at around Rs 10,500 crore.
“This sale has been done to comply with the regulatory requirements and is the first divestment in the secondary sale process initiated by the company,” Financial Technologies said in a stock exchange filing.
The company, however, refused to share details. In early June, Financial Technologies had announced the sale of 6.48 per cent stake to two public sector banks – Union Bank of India and Bank of India – at a premium of Rs 9 per share on the face value of Re 1.
Both banks paid Rs 87.50 crore to the company. Based on the deal, the eight-month-old exchange was valued at Rs 1,390 crore. In that first round, the Financial Technologies Group had planned to sell 18 per cent stake.
Sources close to the development said that more stake-sale is planned for the coming months and some international investors, including overseas exchanges, have shown interest.
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