Global financial services firms Merrill Lynch and Citigroup have picked up five per cent stake each in the country's biggest commodity exchange MCX for a total of about Rs 480 crore.
Financial Technologies (India) Ltd, the parent company of Multi Commodity Exchange of India, sold the stake. FTIL has also entered into agreements to offload three per cent and two per cent stake to two foreign funds - Passport India Investment (Mauritius) and GLG Financials Fund, respectively.The transactions put the enterprise value of MCX at over USD 1.1 billion (Rs 4,400 crore).
FTIL will get about Rs 720 crore from selling 15 per cent stake in MCX, an exchange official said. With the sale, FTIL's shareholding in MCX will come down to 49 per cent, he added.
Read more in The Economic Times article.
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