Rakesh Jhunjhunwala buys 2% stake in MCX for Rs 66 crores

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Rakesh Jhunjhunwala today purchased nearly 2% stake in commodity exchange MCX for over Rs 66 crore ( @ Rs 664 / share)

According to information available with the stock exchanges, Financial Technologies (India) Ltd (FTIL) has sold a total of 10.19 lakh shares, amounting to 2% stake in MCX. FTIL diluted its holding in MCX from 26 % to 24% .

Jhunjhunwala picked up 10 lakh shares of Multi Commodity Exchange (MCX) on an average price of Rs 664 per share. This values the transaction at Rs 66.4 crore.+

 

Also ReadRakesh Jhunjhunwala Latest Portfolio Holdings – July 2014

 

These transactions took place at a time when parleys are being held on for sale of 24 per cent stake by Jignesh Shah-promoted FTIL in MCX and the interested  bidders include Kotak Group and Reliance Capital. However, the stake sale had earlier hit a roadblock after bidders claimed that they have not given access to ‘special audits’ of MCX.

In December, commodity markets regulator FMC had declared FTIL as unfit to run any exchange after a Rs 5,600 crore payment crisis at group company National  Spot Exchange Ltd (NSEL).The regulator asked FTIL to reduce its stake in MCX to 2 per cent from 26 per cent.

Shares of MCX today jumped by 4.18 per cent to close at Rs 679.70 apiece on the BSE.

Also Read – Rakesh Jhunjhunwala Latest Portfolio Holdings – July 2014

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