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Union Bank, BoI buy 6.48% equity in MCX-SX

Union Bank, BoI buy 6.48% equity in MCX-SX
PTI
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First Published: Thu, Jun 04 2009. 05 35 PM IST
Updated: Thu, Jun 04 2009. 05 35 PM IST
Mumbai: MCX Stock Exchange, promoted by Financial Technologies (India) Ltd, on Thursday said it has sold 6.48% stake in the bourse to Union Bank of India and Bank of India for Rs87.5 crore.
MCX-SX, which currently deals in currency futures and is awaiting nod for launching trading in equity, is in talks with some other banks to dilute another 11.52% stake in the company, which could fetch it Rs155 crore. The valuation of the exchange stands at Rs1,350 crore as per the current deal.
In a filing to the Bombay Stock Exchange the FTIL said that MCX Stock Exchange has divested 6.48% equity to these two banks through primary offering at Rs10 per share, having a face value of Re1, involving total investment of Rs87.5 crore in the company.
“The exchange is also expecting a further 11.52% equity divestment to other banks,” the statement said, adding that, “total 18% equity will be divested with the top Indian public and private sector banks as strategic investors in the first round”.
FTIL said the disinvestment is in line with the regulatory requirements of Sebi.
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First Published: Thu, Jun 04 2009. 05 35 PM IST
More Topics: MCX SX | FTIL | Bank of India | Union Bank | Stake |