Global exchange giant NYSE Euronext is considering a fresh
bid to sell its nearly 5 per cent stake in India's premier commodity bourse
MCX, after an earlier attempt failed in March this year. NYSE Euronext, which runs leading bourses in
the US and Europe, holds 4.79 per cent stake in Multi Commodity Exchange (MCX)
and its stake is currently valued at over Rs 200 crore. According to the
investment banking sources, NYSE Euronext will soon make a fresh attempt to
sell its MCX stake, either in part or full, depending on the market conditions.
The sale would most
probably carried out through an open market transaction and would be part of
NYSE Euronext's stated objective to monetise non-strategic assets across the
world. It had bought about 5 per cent stake in MCX for about Rs 240 crore in
June 2008. The exchange has said in an
investor presentation earlier that its MCX stake sale was expected to be
concluded in the first half of 2013. When contacted, an NYSE spokesperson did not
offer any fresh comments and said that the company management had addressed the
query during its earnings call in February.
At that time, NYSE
Euronext's Group Executive Vice President and CFO, Michael S Geltzeiler, had
said that the company was continuing to deliver on its commitment to optimise
the business portfolio with "the planned sale of all or part of our MCX
stake" among other steps. NYSE
Euronext is a leading global operator of financial markets and provider of
innovative trading technologies. The company's exchanges in Europe and the US
trade equities, futures, options, fixed-income and exchange-traded products. Earlier
in March, NYSE had tried selling nearly 24.42 lakh shares of MCX, amounting to
a 4.79 per cent stake, for about Rs 250 crore, but the sale was called off due
to poor response from investors.
Source : Economic times
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