MCX chief denies IPO revival plans

Written by Reuters | Mumbai | Updated: Mar 31 2009, 15:40pm hrs
Multi Commodity Exchange of India (MCX), the country's biggest commodity bourse by turnover, has denied any plans to revive its postponed initial public offering (IPO), a top company official said late on Monday night.

"These are rumours..." said Joseph Massey, managing director of the bourse, said in response to some media reports quoting sources about a revival in MCX IPO plans.

MCX had in August 2008, shelved its IPO, taking into consideration the market scenario and the advice of the merchant bankers.

MCX, a unit of Financial Technologies India, had filed an offer document with the market regulator in February 2008 and media reports had estimated the size of the issue at around 5-6 billion rupees.

In February 2008, NYSE Euronext bought a 5 per cent stake in the bourse for $55 million valuing the bourse at $1.1 billion.

Shares in Financial Technologies which holds 32 per cent in the commodity exchange was up 2.48 per cent up on Tuesday at 10:01 a.m.