Shree Renuka to buy 5% stake in NCDEX; stock up 5%
Shares of Shree Renuka Sugars were in the limelight Tuesday after the sugar firm received an approval from the commodity market regulator.
By PTI |
MUMBAI: Shares of Shree Renuka Sugars were in the limelight Tuesday after the sugar firm received an approval from the commodity market regulator, Forward Market Commission, for buying 5 per cent stake in National Commodity & Derivatives Exchange Ltd.
The sugar maker will buy the stake for Rs 36.5 crore from Intercontinental Exchange Holdings and Goldman Sachs Investments (Mauritius), it said in a statement to the Bombay Stock Exchange.
Intercontinental Exchange and Goldman Sachs hold 7 per cent and 8 per cent respectively in India's second-biggest commodity bourse by trade turnover.
As per guidelines issued last year on foreign investment in commodity exchanges, no single foreign investor can own more than 5 per cent in an exchange. The last date to comply with the guidelines is September 30.
At noon, shares of Shree Renuka Sugars were trading at Rs 179.70, up 4.54 per cent following the announcement.
The sugar maker will buy the stake for Rs 36.5 crore from Intercontinental Exchange Holdings and Goldman Sachs Investments (Mauritius), it said in a statement to the Bombay Stock Exchange.
Intercontinental Exchange and Goldman Sachs hold 7 per cent and 8 per cent respectively in India's second-biggest commodity bourse by trade turnover.
As per guidelines issued last year on foreign investment in commodity exchanges, no single foreign investor can own more than 5 per cent in an exchange. The last date to comply with the guidelines is September 30.
At noon, shares of Shree Renuka Sugars were trading at Rs 179.70, up 4.54 per cent following the announcement.
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