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| MCX-SX to sell 47% stake; may fetch Rs 3K cr |
| Press Trust of India / Mumbai Aug 03, 2009, 21:12 IST |
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MCX Stock Exchange (MCX-SX) will offload 47 per cent of its stake in the next two months to mop up around Rs 3,000 crore, a senior merchant banker said today.
MCX-SX, promoted by Financial Technologies (India), currently runs only currency derivatives trading and is awaiting Sebi approval to start trading in equities.
"Banks are speaking to several investors to offload 47 per cent stake of MCX Stock Exchange. The talks are at an advanced stage and we hope to complete the process in next two months period," Antique Capital Market Investment Banking Head Rakshad Kapoor told PTI.
Out of 52 per cent stake, IFCI recently bought 5 per cent from Financial Technologies. The valuation of the stock exchange works out at $1.25 billion (Rs 6,300 crore), Kapoor said, adding 47 stake sale will fetch about Rs 3,000 crore.
The sale is being done to comply with regulatory requirements. MCX-SX went online in October 2008.
"The divestment process of MCX-SX has been initiated and will be completed in a couple of months to meet regulatory requirements," MCX-SX Managing Director and CEO Joseph Massey earlier said.
"So far, we have finalised around 30 per cent divestment with banks and institutions like Andhra Bank, Union Bank, Bank of India and IFCI," Massey said.
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