NYSE buys 5% in MCX for $55 mn
Financial Technologies, which is the main promoter of MCX, will see its stake drop to 32%, once the deal is final.Dial relatives abroad for funds
By TNN |
MUMBAI: New York-based NYSE Euronext, which owns the New York Stock Exchange, on Friday announced that it has inked a deal to buy a 5% stake in the Multi Commodity Exchange (MCX), India���s number one commodity exchange. At MCX���s enterprise value of $1.1 billion, the deal works out to about $55 million. ET was the first to report about NYSE���s move in its February 15 edition.
The transaction is expected to be completed over the next 2-3 months, subject to relevant regulatory approvals. Financial Technologies, which is the main promoter of MCX, will see its stake drop to 32%, once the deal is final. Also, the combined foreign holding in MCX will rise to 22%.
The transaction is expected to be completed over the next 2-3 months, subject to relevant regulatory approvals. Financial Technologies, which is the main promoter of MCX, will see its stake drop to 32%, once the deal is final. Also, the combined foreign holding in MCX will rise to 22%.
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Financial Technologies scrip rose 4% to close at Rs 2,180 on Friday on BSE. Earlier in July 2006, MCX and Liffe, NYSE Euronext���s derivatives business, had entered a licensing agreement for MCX to use Liffe futures prices. This enabled MCX to list domestic mini-futures contracts for robusta and white sugar based on Liffe futures prices and to identify other areas of collaboration.
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