NYSE Euronext completes MCX stake deal
Commodities Bureau
Posted: Jul 02, 2008 at 2306 hrs IST
Updated: Jul 02, 2008 at 2306 hrs IST
NYSE Euronext (NYX), the world’s leading and most diverse financial market group, on Tuesday, announced that it has completed through its affiliate Euronext NV, the acquisition of a 5% equity position in the Multi Commodity Exchange (MCX). NYX acquired 39.07 lakh MCX shares at the rate of Rs 559 per share by paying Rs 218 crore. This deal takes the enterprise valuation of MCX above $1.1billion. The transaction was completed following the approval received from the RBI and FIPB, MCX release said. The deal price of Rs 559 per share will play a key role in determining the price band of MCX Ltd’s proposed initial public offering (IPO), which was recently cleared by the market regulator, Securities and Exchange Board of India (Sebi).
MCX is planing to hit the market with an issue of 1 crore shares through 100% book built issue. The issue will consist of share of Rs 5 face value, with 60% of the issue reserved for the qualified institutional buyers (QIBs), 30% of the issue will be reserved for the retail investors and the balance 10% will be offered to high networth individuals (HNIs).
Following the completion of the NYX deal, at Rs 559 per share, the deal price is expected to be the benchmark for seting the price band for the IPO, said market sources. The IPO price band will revolve around this deal price and is expected to be in the range of Rs 550-600 per share, they added.
“Through our investment in MCX, NYSE Euronext continues to expand its global leadership by aligning our diverse business model with other global entities that add value to our customers and shareholders,” said Lawrence Leibowitz, NYSE Euronext Group executive vice president and Head of US Execution and Global Technology. Asia-Pacific is a strong region for global capital markets and we are very pleased to formalize our intent to be a part of that growth by investing in and working with MCX, he said.
“This strategic partnership is an excellent case study and example of how we plan to work together with global partners, like NYSE Euronext, to execute our vision of creating one of the largest global exchange networks across the fast growing economies of Africa, Central Asia, Middle East, and India, China,” Jignesh Shah, chairman and CEO, Financial Technologies Group, said.
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