This Article is From Jul 02, 2014

Corporation Bank Exits From MCX, Sells Rs 3.60-Crore Shares

Corporation Bank Exits From MCX, Sells Rs 3.60-Crore Shares
New Delhi:

Corporation Bank on Tuesday exited from Multi Commodity Exchange (MCX) by selling its over 58,000 shares in the bourse for about Rs 3.60 crore.

The public sector lender sold 58,053 shares in the company, representing a 0.11 per cent stake in it, MCX said in a filing to the BSE.

After this transaction, Corporation Bank's stake in MCX has reduced to nil.

As per the shareholding pattern of MCX as on March 2014, Corporation Bank held 9,01,566 shares in MCX, representing a 1.77 per cent stake.

On June 26, MCX had said that Bank of Baroda has also exited from the company. Following the divestment of its entire stake, Bank of Baroda has also withdrawn its nominee Rajiv Abhyankar from the board.

All public sector lenders including State Bank of India, Corporation Bank and Bank of Baroda had together bought 9.69 per cent in MCX in 2004 at a total investment of Rs 3.94 crore, according to the offer share sale document of the bourse.

Corporation bank has been continuously offloading shares of the exchange in a staggered manner.

Shares in MCX, on Tuesday, ended at Rs 623.10 apiece on the BSE.