FTIL exits MCX by selling 5% stake for over Rs 200cr

Written By Unknown on Rabu, 27 Agustus 2014 | 23.25

In July, Jignesh Shah-led FTIL, the erstwhile promoter of MCX, had announced sale of its 15 per cent stake in MCX to Kotak Mahindra Bank for Rs 459 crore. Yesterday, commodity market regulator FMC had approved the deal with Kotak.

Financial Technologies  (FTIL) today exited country's largest commodity exchange MCX by selling its residual 5 per cent stake in the bourse, it had originally promoted, for over Rs 200 crore.

In July, Jignesh Shah-led FTIL, the erstwhile promoter of MCX, had announced sale of its 15 per cent stake in  MCX to  Kotak Mahindra Bank for Rs 459 crore. Yesterday, commodity market regulator FMC had approved the deal with Kotak.

"...pursuant to the applicable clauses of the listing agreement, please be informed that without prejudice to the legal rights and remedies, the company has further sold balance 5 per cent equity shares of MCX in the market," FTIL said in a statement.

"Post the above selling and subject to unlocking of balance shares by MCX to complete the condition precedent of Share Purchase Agreement (SPA), the company holds nil shares in MCX," it added.

MCX shares rose by 5.08 per cent to settle at Rs 856.85 apiece on the BSE. Its total market cap stands at Rs 4,370 crore at today's closing price. Based on this, the five per cent stake is valued at Rs 218 crore.

As per exchange data, SBI Life Insurance has bought over 3 lakh shares in MCX today.

FTIL originally held a 26 per cent stake in MCX. It has divested stake in MCX after market regulator FMC had declared the company unfit to run any exchange in the wake of Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL).

The regulator had asked FTIL to reduce its stake in MCX to 2 per cent from 26 per cent.

Before the Kotak deal, FTIL had sold 6 per cent stake in MCX, including about 2 per cent sale to billionaire investor Rakesh Jhunjhunwala, in two rounds for about Rs 220 crore, bringing down its shareholding to 20 per cent. Shah founded the Multi-Commodity Exchange or MCX in November 2003 and then went on to set up a stock exchange called MCX-SX.

Financial Tech stock price

On August 22, 2014, Financial Technologies closed at Rs 261.50, up Rs 2.50, or 0.97 percent. The 52-week high of the share was Rs 403.60 and the 52-week low was Rs 102.05.


The latest book value of the company is Rs 531.33 per share. At current value, the price-to-book value of the company was 0.49.


Anda sedang membaca artikel tentang

FTIL exits MCX by selling 5% stake for over Rs 200cr

Dengan url

http://gayafashionshow.blogspot.com/2014/08/ftil-exits-mcx-by-selling-5-stake-for.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

FTIL exits MCX by selling 5% stake for over Rs 200cr

namun jangan lupa untuk meletakkan link

FTIL exits MCX by selling 5% stake for over Rs 200cr

sebagai sumbernya

0 komentar:

Posting Komentar

techieblogger.com Techie Blogger Techie Blogger