MCX Corporation bank exits from MCX; sells 58k share for Rs 3.60cr

Press Trust of India Posted online: Tuesday, Jul 01, 2014 at 0000 hrs
New Delhi : Public sector lender Corporation Bank today exited from MCX by selling its over 58,000 shares in the exchange for about Rs 3.60 crore.

In a filing to the BSE, MCX informed that Corporation Bank has sold 58,053 shares in the company representing 0.11 per cent stake.

Post 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 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 Following the divestment of its entire stake, Bank of Baroda has also withdrawn its nominee Rajiv Abhyankar from the board.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 exchange.

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

Shares of MCX today closed at Rs 623.10 apiece on the BSE.