This Article is From Aug 11, 2014

Corporation Bank Divests 1.77 Per Cent Stake in MCX

Corporation Bank Divests 1.77 Per Cent Stake in MCX

New Delhi: MCX on Monday said Corporation Bank has divested its entire 1.77 per cent stake in the bourse.

The commodity bourse also said that its nominated shareholder director ceased to exist on the company's board.

"Consequent to Corporation Bank divesting its entire stake in the company, Corporation Bank has withdrawn its nomination of P Paramasivam as a shareholder director on the Board. Accordingly, P Paramasivam ceases to be a Director," MCX said in a filing to the BSE.

Corporation Bank has divested its 1.77 per cent stake in the bourse.

MCX offers futures trading in both agricultural and non-agricultural items. However, its performance has taken a beating in the last few months due to declining trade volumes following imposition of commodity transaction tax and Rs 5,600-crore payment crisis at its sister concern NSEL.

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