Shares of Multi Commodity Exchange of India Ltd (MCX) zoomed to a new yearly high following the deal signed by Kotak Mahindra Bank to pick up 15 per cent stake in the exchange for a total value of Rs 459 crore.

While the 15 per cent stake acquisition for Rs 459 crore works out to about Rs 600/share which is at a significant discount to the market price, analysts believe that the deal was struck at a fair value since the stock price had witnessed a spurt in recent days on speculation.

This is the second big ticket acquisition of MCX stake in the part two weeks.

Prominent investor Rakesh Jhunjhunwala had recently acquired nearly two per cent stake in MCX for about Rs 66 crore.

MCX shares touched a new yearly high of Rs 897 on the NSE before easing to Rs 867.40, up 10.29 per cent on the NSE in the pre-noon sesson. The trading volume was a little over 69 lakh shares.

Though the acquisition price was at a steep discount to the prevailing market price, Anil Singhvi, Managing Director, ICAN Advisors, felt that the price was reasonable.

Speaking to a TV channel, he felt that the deal was done in a "fair and transparent manner'' and pointed out that the three-month average price of the stock was Rs 600 per share and the recent rally the stock price had witnessed was probably fueled by speculation over stake offloading.

Kotak Mahindra Bank shares also perked up with the stock gaining to 1.63 per cent trade at Rs 951.15 on the NSE. Kotak is buying the 15 per cent stake in MCX from Financial Technologies (India) Ltd which was asked to divest its 26 per cent stake in MCX by the Forward Markets Commission, the commodities market regulator, in the wake of the NSEL crisis.

The final closing is subject to certain conditions to be fulfilled including regulatory approvals. It may be noted that the Kotak group has a significant stake in ACE commodity exchange.

Rakesh Jhunjhunwala purchased close to 2 per cent stake in MCX for more than Rs 66 crore from its erstwhile promoter Financial Technologies India Ltd (FTIL), bringing down its holding in MCX from 26 per cent to 24 per cent.

He had picked up 10 lakh shares in MCX at an average price of Rs 664/share, putting the value of acquisition at Rs. 66.4 crore.

Shares of Financial Technologies also rallied by 3.95 per cent to Rs 278.95 on the NSE.