Ace Investor Rakesh Jhunjhunwala has picked up 1.96% stake in the only listed commodity exchange through the open market for a consideration of INR 664 Mn. The stake was sold at a unit price of INR 664 by the exchange’s promoter entity Financial Technologies India Limited.
The deal values the exchange which commands over 80% market share in the commodity futures exchanges at INR 33.7 Bn.
The stake sale by FTIL comes as it has been declared unfit by the FMC on the backdrop of its alleged role in a Rs 5,600-crore scam at its subsidiary National Spot Exchange Ltd (NSEL) and was ordered to divest 26% stake in MCX. The bourse has already reduced FTIL's voting rights in the bourse to 2% and reconstituted its board.
Securities Appellate Tribunal (SAT) has given FTIL four weeks to comply with Sebi's order to bring down stake in MCX to 2%, dismissing FTIL’s plea.
Jhunjhunwala who owns stakes in over 40 listed companies such as Crisil, Lupin, Titan Industries, Escorts, DB Realty, VIP Industries, Rallis India and Viceroy Hotels had also purchased above 1% in MCX in the June quarter by open market purchases and with this buy its gets hiked to over 2%.
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