The stake has been bought from Financial Technologies, the parent company of MCX. FT has also entered into agreements to offload three per cent and two per cent stake to two foreign funds - Passport India Investment (Mauritius) and GLG Financials Fund, respectively.
The institutions have bought the stake even though the government is yet to formulate guidelines on regulating foreign equity in Indian commodity exchanges.
FT plans to invest the sale proceeds in Greenfield ecosystem ventures such as - National Spot Exchange Ltd (NSEL), National Bulk Handling Corporation Ltd (NBHC) and others, the company informed the Bombay Stock Exchange on Friday. The agreements with the funds value MCX at $1-1.1 billion, it added.
These investments from strategic international partners would provide Indian commodity markets and MCX access to global know how and technology making them more efficient, competitive and transparent institutions globally, the filing said.
FT shares were trading at Rs 2,689.95, up 3.36 per cent on the Bombay Stock Exchange in the afternoon trade.
The stake has been bought from Financial Technologies, the parent company of MCX. FT has also entered into agreements to offload three per cent and two per cent stake to two foreign funds.