Kotak to Buy 15% in MCX
By ENS Economic Bureau | Published: 21st July 2014 06:00 AM |
MUMBAI: Kotak Mahindra Bank on Sunday said it has entered into a share purchase agreement to buy 15 per cent stake in Multi-Commodity Exchange of India from Financial Technologies Ltd.
Kotak Mahindra Bank will pay `459 crore to acquire the stake if it gets all the required regulatory approvals.
“We are excited by the potential presented by the financial infrastructure space in the country and believe that an investment in MCX, with its significant franchise, will create long term value,’’ Uday Kotak, executive vice chairman of the bank said in a statement released on Sunday.
Financial Technologies is selling its stake in MCX following directions from the commodities regulator, Forward Markets Commission to reduce its stake to 2 per cent from 26 per cent.
Last week, stock broker Rakesh Jhunjhunwala was reported to have acquired 2 per cent stake in MCX. FTIL had appointed a restructuring committee to oversee this process.