NYSE Euronext calls off stake sale in MCX
NYSE Euronext has called off its plans to sell entire 4.79 percent stake in India's premier commodity bourse MCX for about USD 45 million (Rs 246 crore).
New Delhi: NYSE Euronext has called off its plans to sell entire 4.79 percent stake in India's premier commodity bourse MCX for about USD 45 million (Rs 246 crore).
Investment banking sources said NYSE Euronext's plan to offload little over 24.42 lakh shares of MCX (Multi Commodity Exchange) has been called off due to poor response from investors.
The sale, through secondary market, was expected to happen today.
Shares were expected to be sold in the price range of Rs 1,005.10 - 1,026.25 apiece.
"The sale has been called off as bids did not come at the offered price range," a source said.
At the higher end of the price band, the sale could fetch around Rs 250 crore.
According to sources, the sale is part of NYSE Euronext efforts to monetise non-strategic assets.
Shares of MCX were trading at Rs 1,029.00, down 2.56 per cent. The BSE benchmark Sensex was trading flat with a negative bias in post-noon deals.
Last month, NYSE Euronext had said that it would sell its entire holding in MCX. The exchange had bought 5 percent stake for about Rs 240 crore in June 2008.
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.