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Financial Technologies, anchor investor in Multi Commodity Exchange, has sold 1.96 per cent stake in the latter to the legendary investor Rakesh Jhunjhun-wala.
It was a bulk deal at Rs 664 a share for 1.1 million shares. The total value of the sale was Rs 67.7 crore. With this, FTIL’s stake in MCX will come down to 24 per cent. FT was ordered to divest 26 per cent stake in MCX, by an order from the Forward Markets Commission. The bidding process was initiated some months earlier and no binding bids have come so far. This is the first time the company has initiated sale of stake through open market deals.
Rakesh Jhunjhunwala had also purchased above one per cent in MCX in the June quarter by open market purchases, said a source. With this 1.96 per cent stake purchase, his total holding has increased above two per cent and this requires FMC approval. The procedure is that MCX will first approve the holding and then send it to FMC for approval.Following the deal, the share price of MCX closed 4.1 per cent higher at Rs 679.50.
Rakesh Jhunjhunwala had also purchased above one per cent stake in MCX in June quarter by open market purchases, said the source close to development. With today’s 1.9% stake purchase his total holding has increased above 2%, which requires FMC approval. The procedure is that MCX will first approve the holding and then send it to FMC for approval. In June quarter in whose name Jhunjhunwala purchased shares could not be verified.
