RCap’s unit buys 26% stake in ICEX from Indiabulls

RCap’s unit buys 26% stake in ICEX from Indiabulls

Mumbai: Starting the year on a robust note, Reliance Capital’s unit Reliance Exchangenext (R Next) has bought 26% stake in Indian Commodity Exchange Ltd (ICEX) from Indiabulls Financial Services for an undisclosed sum, the companies said on Monday.

R Next has acquired 26% stake in ICEX, following which Indiabulls financial Services is left with 14% stake in the commodity exchange, the companies said in a filing to the Bombay Stock Exchange (BSE).

The acquisition has been made by the R Next after receiving necessary regulatory approvals for completing the transfer and being an anchor investor in ICEX, the filing added.

“We see a huge potential in the commodity market space. With this, we plan to develop an integrated and transparent national electronic commodity market place," R Next president & CEO Rajnikant Patel said.

The move comes about three-month after the commodity markets regulator FMC had given approval to the Anil Ambani led Group to acquire 26% stake in Indian Commodity Exchange (ICEX) from one of its promoters, Indiabulls, in September last year.

ICEX, a national-level commodity bourse, which offers futures trading in 18 commodities, including bullion, metals and agricultural items, has been promoted jointly by Indiabulls and trading giant MMTC, which has 26% stake in the bourse.

Following the transaction, Reliance Capital scrip jumped by 1.49% to trade at Rs678 while Indiabulls Financial Services soared by 4.87% to an early high of Rs182.10 on the BSE.