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NSE to sell stake in MCX

Posted on 01 October 2008

From Business Standard: The National Stock Exchange (NSE) has decided to sell the stake that it owns in India’s largest commodity futures bourse, Multi-Commodity Exchange (MCX), said reliable sources.

In fact, NSE has written to MCX, saying it would like to exit from the commodities exchange when the latter do the offer for sale or initial public offer (IPO) next. NSE, which is the largest stock exchange in India, had bought a 2.56 per cent stake in MCX in May 2005, amounting to 1 million equity shares of Rs 10 each at the time. Joseph Massey, chief executive officer of MCX, said that he was not aware of the letter, but added that it is a practice to write to all shareholders asking them whether they want to sell their stake any time the IPO is made….. Full Article: Source


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