 "Rakesh Jhunjhunwala buys 2% stake in MCX for over Rs 66 cr")
Ace investor Rakesh Jhunjhunwala on Tuesday purchased a nearly 2 per cent stake in Multi Commodity Exchange (MCX) for overRs 66 crore, as its erstwhile promoter Financial Technologies India Ltd (FTIL) diluted its holding from 26 percent to 24 percent.
According to information available with the bourses, MCX’s erstwhile promoter FTIL has sold a total of 10.19 lakh shares, amounting to a 2 per cent stake in the commodity bourse.
[caption id=“attachment_78020” align=“alignleft” width=“380”]
Rakesh Jhunjhunwala. Reuters[/caption]
Jhunjhunwala picked up 10 lakh shares in MCX at an average price ofRs 664 apiece, valuing the transaction atRs 66.4 crore, data showed.
The transactions took place at a time when parleys are being held on for sale of 24 percent 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.
With this stake sale, FTIL’s holding in MCX will come down to 24 percent.
In December, commodity markets regulator FMC had declared FTIL as unfit to run any exchange after aRs 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 percent from 26 percent.
PTI