Blackstone exits its investment in MCX by selling 4.8% stake

MUMBAI: Blackstone on Friday exited its investment in MCX by selling nearly 4.8% stake to Swiss Finance Corporation for Rs 300 crore. Blackstone, through its Mauritius subsidiary, Blackstone GPV Capital Partners, held 4.79% stake in the commodity exchange as on September 30, 2016.

The share of MCX jumped 8.7% to an intraday high of Rs 1413, seven rupees shy of its 52 week high hit on Oct 3, after news of Blackstone’s sale. The share closed up 2.5% at Rs 1332.5 on Friday.

Blackstone initially purchased 2% of MCX’s equity capital in 2013 from Merrill Lynch for Rs 104 crore and another 2.79% from it for Rs 81.5 crore almost a year later. The country’s largest commodity exchange and its only listed one reported a net profit of Rs 37.65 crore on revenue of Rs 65 crore in the September quarter.

It commands over 80% market share in the commodity futures segment, leading its rival agri bourse NCDEX, held by NSE among others, by a wide margin. The average daily turnover of MCX, which offers futures contracts in metals and energy, stands at Rs 24217 crore in the fiscal year through Thursday.