MMTC rises 5% as board okays ICEX stake sale

Shares of MMTC have surged almost 5% at Rs 44 on the NSE after the government owned company informed the BSE that its board of directors had approved the proposal for sale of 10% stake in Indian Commodity Exchange (ICEX), the now defunct bourse it jointly promoted with Indiabulls Financial Services.

MMTC holds 26 per cent stake in ICEX. To meet the shareholding guidelines of the Forward Markets Commission (FMC), Indiabulls had sold its 26 per cent stake to Reliance Exchange Next in January 2011. With this, Indiabulls is left with only 14 per cent stake. CLICK HERE FOR MORE

Ramesh Shetty, spokesperson of ICEX and Kanishka Garg of YES Bank did not divulge details of the deal. While Shetty termed the deal a private one between two parties, Garg said, “The deal is not yet approved and, hence, it is premature to say anything.”

The stock opened at Rs 43.55 and touched a low of Rs 45 on the NSE. A total of 774,006 shares changed hands on the NSE so far.