The Multi-Commodity Stock Exchange (MCX-SX), which was launched last October, today announced sale of 6.48 per cent stake to two public sector banks at a premium.

Union Bank of India and Bank of India have picked up the stake at a premium of Rs 9 per share on the face value of Re 1.

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The valuation was done by Ernst & Young.

MCX-SX has said that it will divest another 11.52 per cent stake to other banks. The total stake sale would be to the tune of 18 per cent.

Joseph Massey, MD & CEO, MCX Stock Exchange, said, “Banks will be invited to have representation on the board in proportion to their equity holding on a rotational basis.”

He added the exchange was working with financial advisors on finalising the list of Indian investors and international investors (including international exchange/s) for the second round of divestment to ensure that it remained on track to meet the timeline set by the regulator.

The disinvestment is in line with regulatory requirements. The Securities and Exchange Board of India (Sebi) rules say that the exchange will have to divest a part of this equity in the first year itself.

The exchange announced today that new shares had been issued to banks, leading to the expansion of the overall equity base. At present, the paid-up capital of MCX- SX is around Rs 131 crore.

MCX, a commodity futures exchange, holds 51 per cent, while parent company Financial Technologies holds 49 per cent in this joint venture. Their stakes will come down in proportion to the divestment.

The daily average volume on the exchange, which is operating in the currency futures segment as well, has grown from Rs 324.78 crore in October 2008, when it started operations, to Rs 2,923.46 crore in May 2009

Banking sources said the premium received by the exchange was also due to the fact that it is expected to get Sebi’s nod for equity and derivative operations.

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