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| Nomura to find PE investors for MCX-SX stake sale |
| Press Trust of India / New Delhi Jul 22, 2009, 18:00 IST |
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The country's third largest national level stock exchange, MCX Stock Exchange (MCX-SX), has appointed global investment banker Nomura Financial Advisory for selling stake in the company to private equity firms.
MCX-SX, promoted by Financial Technologies (India), currently runs currency derivatives trading and is awaiting regulatory approval to begin equity trading.
MCX-SX, which is understood to be in talks with several private equity firms for selling stake in the company, has appointed an investment banker for divestment process.
According to sources, MCX-SX has appointed investment banker Nomura Financial Advisory & Securities (India) to identify private equity investors interested in buying stake in the company.
However, company officials could not be contacted.
MCX-SX had initiated its divestment process in June, in line with the regulatory requirements of market regulator SEBI, which do not allow promoters to control more than 15 per cent in a bourse.
In the first round of divestment, MCX-SX had sold 6.48 per cent stake to Union Bank of India and Bank of India through a primary offering at a price of Rs 10 per share aggregating to Rs 87.5 crore.
The sale was a part of its 18 per cent divestment plan with public and private sector banks in the first round of its primary offering.
Last week, Financial Tech sold five per cent stake in MCX-SX to IFCI for about Rs 250 crore, as a part of the secondary sale process of divesting stake in MCX-SX.
In June, along with the announcement of its annual earnings results, Financial Technologies had said that it had sold part of its investment in an unlisted subsidiary to certain parties.
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