MCX shares surge 14 pct on stake sale to Kotak Mahindra Bank by Jignesh Shah's FTIL

PTI Posted online: Monday, Jul 21, 2014 at 0000 hrs
Mumbai : Shares of Multi Commodity Exchange of India Ltd (MCX) today surged nearly 14 per cent after Jignesh Shah-led Financial Technologies India Ltd (FTIL) signed an agreement to sell 15 per cent stake in MCX to Kotak Mahindra Bank for Rs 459 crore.

MCX's shares zoomed 13.83 per cent to Rs 895 -- its 52-week high on the BSE.

On the NSE, it soared 14 per cent to touch its one-year peak of Rs 897.

FTIL's scrip climbed 7.76 per cent to Rs 288.10 on the BSE.

Shares of Kotak Mahindra Bank also gained 3.19 per cent to Rs 965 on the BSE.

Financial Technologies India Ltd (FTIL) originally held a 26 per cent stake in commodity exchange MCX.

Earlier this month, it sold 6 per cent stake in MCX in two rounds for about Rs 220 crore, bringing down its shareholding to 20 per cent.

After an agreement with Kotak Mahindra Bank to sell 15 per cent stake, FTIL is left with 5 per cent stake in MCX.

FTIL is divesting its 26 per cent stake in MCX after market regulator FMC had declared FTIL unfit to run any exchange in the wake of Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL).