In July, Jignesh Shah-led FTIL, the erstwhile promoter of MCX, had announced sale of its 15 percent stake in MCX to Kotak Mahindra Bank for Rs 459 crore. Yesterday, commodity market regulator FMC had approved the deal with Kotak.
"...pursuant to the applicable clauses of the listing agreement, please be informed that without prejudice to the legal rights and remedies, the company has further sold balance 5 percent equity shares of MCX in the market," FTIL said in a statement.
"Post the above selling and subject to unlocking of balance shares by MCX to complete the condition precedent of Share Purchase Agreement (SPA), the company holds nil shares in MCX," it added.
MCX shares rose by 5.08 percent to settle at Rs 856.85 apiece on the BSE. Its total market cap stands at Rs 4,370 crore at today's closing price. Based on this, the five percent stake is valued at Rs 218 crore.
As per exchange data, SBI Life Insurance has bought over 3 lakh shares in MCX.
FTIL originally held a 26 percent stake in MCX. It has divested stake in MCX after market regulator FMC had declared the company unfit to run any exchange in the wake of Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL).
The regulator had asked FTIL to reduce its stake in MCX to 2 percent from 26 percent.
Before the Kotak deal, FTIL had sold 6 percent stake in MCX, including about 2 percent sale to billionaire investor Rakesh Jhunjhunwala, in two rounds for about Rs 220 crore, bringing down its shareholding to 20 percent.
Shah founded the Multi-Commodity Exchange or MCX in November 2003 and then went on to set up a stock exchange called MCX-SX.

Latest News  from Business News Desk