Mumbai: NYSE Euronext has launched the sale of its 4.8 per cent stake in the Multi-Commodity Exchange of India (MCX), the country's biggest commodity bourse, in a deal that could raise up to $46 million, a source with direct knowledge said. The transatlantic exchange operator is selling 2.44 million MCX shares in a range between Rs 1,005 and Rs 1,026 a share, said the source who requested anonymity as he was not authorised to speak to the media.
The price range represents a discount of 3-5 percent from MCX's Wednesday close price of 1,058 rupees. At the top end of the price range, NYSE Euronext will raise about $46 million. The deal will be executed in the stock market on Thursday morning.
Citigroup is the sole banker on the deal, said the source. NYSE Euronext had said in February it would shed its stake in Mumbai-based MCX, after its focus on cutting costs amid a lacklustre trading environment helped it beat profit expectations for the fourth quarter.
Comments
0 comment