MCX gains; Kotak Mahindra Bank agrees to buy stake

MUMBAI (Reuters) - Shares in Multi Commodity Exchange of India surged on Monday. Private sector lender Kotak Mahindra Bank agreed to buy a 15 percent stake in the company for 4.59 billion rupees ($76.1 million), the bank said in a statement late on Sunday.

Kotak will purchase the stake from bourse operator Financial Technologies (India) Ltd and the deal is subject to regulatory approvals, the statement said.

MCX shares were trading up nearly 7 percent as of 2:35 p.m.