 "Financial Technologies sells 2% stake in MCX")
Multi Commodity Exchange's anchor investor, Financial Technologies today in the form of block deal sold 2% of it's stake in the commodity exchange to high net investors.
The block deal has been done on Bombay Stock Exchange and National Stock Exchange and is said to be sold at the price of Rs 700 per share. With this stake sales, FTIL's stake in MCX will come down to 24%.
The total value of the stake sale is expected to be around Rs 70 crore and 2% of it's stake translates to 1 million shares.
FTIL's stake in MCX is in the process of being transferred to the escrow account as it was declared not fit and proper by Forward Markets Commission, the commodity market regulator, in December and hence has to sell it's stake in the exchange.