NYSE Euronext pares stake in MCX

Euronext NV has 565000 shares in MCX at a price of Rs.472, accounting for 1.1% stake in the company

The NYSE Euronext, one of the world’s largest exchange groups, has reduced its stake in the Multi Commodity Exchange (MCX) through a bulk deal on Thursday. The Euronext NV, a subsidiary of the NYSE Euronext group, holds 565,000 shares at a price of Rs 427.02 in the MCX, according to exchange data. The deal worth Rs 24.13 crore accounts for 1.1 per cent stake in the company.  The Euronext continues to have a stake in the exchange, with the previous quarter shareholding data pegging its stake at 2.41 million shares or 4.73 per cent.  

The deal comes following private equity player Blackstone receiving regulatory approval to increase its stake in the MCX to 4.99 per cent. The Forward Markets Commission allowed it to raise its stake through secondary market transactions. The NYSE Euronext was formed from the 2007 merger of New York Stock Exchange with European-based electronic trading platform Euronext. The Intercontinental Exchange   bought out the combined entity in November.

The stake sale was triggered in the wake of a Rs 5,500-crore payment crisis at the National Spot Exchange, another Financial Technologies exchange subsidiary.