MCX surges about 4%; top corporates submit non-binding bids for FTIL's 24% stake

MUMBAI: In order to comply with the recent FMC order, Financial Technologies Ltd (FTIL) is looking to offload a 24 percentage point stake out of its 26 per cent stake in Multi Commodity Exchange ( MCX).

Sources told ET Now that the top Indian corporate houses and global PE funds have submitted non binding bids for world's 3rd largest commodity exchange.

At 02:20 p.m.; Financial Technologies was trading 1.3 per cent higher at Rs 369.45. It hit a low of Rs 357.10 and a high of Rs 372.30 in trade today.

MCX rose 3.8 per cent higher at Rs 578.35. The stock is 17% YTD and has gained 11 per cent in last 5 sessions.

Sources indicate that FTIL has got nearly 8 non-binding bids for MCX stake.

BSE, Kotak, Reliance Capital, Tata Cap are the bidders from the domestic market. Even international PE fund Warbug Pincus and Chicago Mercantile Exchange have bid for MCX stake.

One of the sources said that "Bids for 24% MCX stake come at Rs 650-750/sh range and board is most likely to shortlist the bidders for next round by today evening"

Few weeks back FTIL had appointed JM Financial as Advisor to deal

BSE & Financial Technologies decline to comment on the story whereas other parties are yet to respond to emails sent by ET NOW.