Top stock exchange NSE has sold over 2 per cent stake in MCX (Multi Commodity Exchange) in small tranches over past few weeks, even as speculations are rife about a potential buyout of the country’s largest commodity bourse by some rival entity or private investors.
As per MCX’s latest shareholding disclosure, National Stock Exchange (NSE) held 12.5 lakh shares or 2.45 per cent stake in the commodity exchange as on June 30, 2012.
Out of this, NSE is believed to have sold more than 12 lakh shares and is left with only a few thousand shares, as it did not see any further value proposition in this long—held investment, sources said.
While the details of the sale, which was carried out in small tranches through open market, could not be ascertained, these shares would be worth over Rs 30 crore at current price.
The buyers’ identity also could not be ascertained.
For quite some time, NSE has been looking to sell the MCX shares held by it for many years. NSE was allotted 10 lakh MCX shares in May 2005, but the quantum of this holding has since changed many times due to change in MCX’s share capital.
Way back in 2009, NSE had written to MCX about its intention to sell its 1 per cent stake in MCX, as it did not see any strategic value in this investment.
MCX and its promoter FTIL had replied to NSE at that time they would facilitate the stake sale at “a right opportune time”. MCX was not a listed company at that time.
At that time, FTIL said it also held a 1 per cent stake in NSE and it would continue to hold that. NSE and MCX group had got those shares as ‘token stakes’ in each other.
Jignesh Shah—led Financial Technologies (India) Ltd, holds 26 per cent stake in MCX, while other major investors include Fidelity Funds (5 per cent), Passport Capital (4.9 per cent), Aginyx Enterprises (4.79 per cent), NYSE Euronext (4.73 per cent), IFCI (4.79 per cent) and Nabard (3.06 per cent).
MCX shares have seen strong market interest in the recent days, especially since a major payment crisis involving about Rs 5,500 crore broke out at a group entity, National Spot Exchange Ltd (NSEL), late last month.