MCX to divest 18% to public and private banksTeam YS
Mumbai-based MCX Stock Exchange is all set to divest equity in the exchange to public and private banks. This announcement comes just a day after Norwest Venture Partners (NVP) announced the National Stock Exchange Ltd (NSE) stake acquisition from IL&FS Securities Services Ltd (ISSL).
MCX plans to divest 18% equity to strategic investors in the first round of which 6.48% has already been divested to Union Bank of India and Bank of India. MCX raised Rs 87.5 crore through a primary offering of Rs 10 per share (face value of Re 1/- per share). The current deal values the exchange at Rs 1,350 crore.
MCX is currently in the process of divesting the balance 11.52% to other prominent public and private banks and expects the process to complete soon. The additional stake sale is expected to bring in another Rs 155 crore.