MCX Seeks Buyers for Its Stake in MCX-SX

New Delhi: Country's largest commodity exchange MCX today invited expressions of interest from potential investors to divest its stake in MCX-SX and MCX-SX Clearing Corporation Ltd.

MCX has about 4.86 per cent stake in the exchange besides 63.41 crore warrants. It also holds 65 lakh equity shares of MCX-SX Clearing Corporation Ltd (MCX-SX CCL).

Recently, the commodity exchange had requested SEBI to allow it to retain stake in MCX-SX and MCX-SX CCL.

MCX intends to divest its stake in MCX-SX and MCX-SX Clearing Corp, according to a public notice issued today.

Investment bankers as well as other entities have been invited to come with their offers for stake acquisition within 10 days.

In the wake of the payment crisis at FTIL-founded firm National Spot Exchange Ltd (NSEL), MCX was asked by SEBI to sell its stake in NSEL as it was part of the same group at that time.

The Jignesh Shah-led Financial Technologies (India) Ltd is no more a promoter in MCX and therefore the commodity exchange had sought SEBI's permission to retain its stake.

On November 25, FTIL had entered into a pact with ace investor Rakesh Jhunjhunwala, financial major Edelweiss and others to sell its entire five per cent stake in MCX-SX for Rs 88.41 crore.