FINANCIAL TECHNOLOGIES SELLS MCX STOCK EXCHANGE (MCX-SX) STAKE TO IFCI FOR RS 250 CR

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FINANCIAL Technologies India (FT) has sold 5% stake in MCX Stock Exchange (MCX-SX) at Rs 35 a share to IFCI for Rs 250 crore.

This values the exchange at Rs 5,000 crore. The sale is part of the second round of divestment of MCX-SX.

Last month, the company announced it was divesting 18% equity by way of a primary sale to public and private sector banks. Of this, it had sold a combined 6.48% to Union Bank of India and Bank of India for Rs 87.5 crore.

The company made the announcement of the stake sale in a press release to BSE. “This sale has been done to comply with the regulatory requirements and is the first divestment of the secondary sale process initiated by the Company, “read the announcement on BSE.

"There has been a lot of interest from international investors, including international exchanges, in the current round of divestment,” said a company official.

MCX-SX commenced operations in October 2008 after it received regulatory approval to launch dollar-rupee futures on the exchange. Apart from BSE and NSE, it is the third stock bourse to have been notified as a recognized stock exchange under the Rule 6 DDA of the Income Tax Act in its official gazette.

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