Jhunjhunwala buys 2 pc stake in MCX; FTIL cuts stake to 24 pc

Ace investor Rakesh Jhunjhunwala today purchased nearly two per cent stake in commodity bourse MCX for over Rs 66 crore, as its erstwhile promoter FTIL diluted its holding from 26 per cent to 24 per cent.
According to information available with the stock exchanges, MCX's erstwhile promoter Financial Technologies (India) Ltd (FTIL) has sold a total of 10.19 lakh shares, amounting to two per cent stake in the commodity bourse.
Jhunjhunwala picked up 10 lakh shares of Multi Commodity Exchange (MCX) on an average price of Rs 664 apiece, data showed. This values the transaction at Rs 66.4 crore.
These transactions took place at a time when parleys are being held on for sale of 24 per cent stake by Jignesh Shah-promoted FTIL in MCX and the interested bidders include Kotak Group and Reliance Capital.

However, the stake sale had earlier hit a roadblock after bidders claimed that they have not given access to 'special audits' of MCX.
With this stake sale, FTIL's holding in MCX will come down to 24 per cent.
In December, commodity markets regulator FMC had declared FTIL as unfit to run any exchange after a Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL).The regulator asked FTIL to reduce its stake in MCX to 2 per cent from 26 per cent.
Shares of MCX today jumped by 4.18 per cent to close at Rs 679.70 apiece on the BSE.