30.9.14

Kotak Bank buys FTIL's 15% in MCX

Kotak Mahindra Bank has completed the deal to buy out 15% stake held by Financial Technologies (FTIL) in Multi Commodity Exchange (MCX) for Rs.459 crore. With this, FTIL -which set up MCX in 2003 -has completely exited from the commodity bourse, the largest in India, under directions from the sector regulator Forward Markets Commission.
The FMC direction came in the backdrop of the Rs.5,600 crore scam on the NSEL, of which FTIL is a promoter.
Kotak Mahindra Bank bought 76,49,755 shares of MCX at Rs.600 apiece. On Monday , the MCX stock closed at Rs.816 on the BSE -a premium of 36% over the deal price.

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