In a move seen as an attempt to distance itself from Financial Technologies, the board has decided not to depend on one vendor for its software. Currently, FTIL is the only provider of software.
After a meeting today, the MCX board has given in an in-principle approval to Kotak Mahindra Bank buying 15 percent stake for Rs 459 crore. In addition, it is also reworking with Kotak to renegotiate the terms of agreement of the contract in light of the PwC report.
The PwC report had earlier pointed out that around Rs 700 cr was spent by MCX for services availed of from FTIL and no evidence that MCX sought quoted from global or Indian technology while awarding these contracts.
In a move seen as an attempt to distance itself from Financial Technologies , the board has decided not to depend on one vendor for its software. Currently, FTIL is the only provider of software.
They are also likely to make changes to exit clause and reduce the tenure of software contract to 10 yrs from 33 yrs. MCX board, FTIL and FMC have also requested SEBI to waive the 2 percent cap on FTIL that prevents them from exiting their stake in MCX completely. After this waiver, FTIL will be allowed to sell remaining 5 percent stake in MCX even via block deal.
Also read: MCX attains highest market share since Oct 2013
Kotak Mahindra stock price
On August 18, 2014, Kotak Mahindra Bank closed at Rs 968.00, up Rs 15.20, or 1.60 percent. The 52-week high of the share was Rs 979.35 and the 52-week low was Rs 588.00.
The company's trailing 12-month (TTM) EPS was at Rs 19.84 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 48.79. The latest book value of the company is Rs 159.25 per share. At current value, the price-to-book value of the company is 6.08.
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