LSE, NYSE Euronext eye Indian bourse stake: Report

Last Updated: Wednesday, August 26, 2009 - 13:04

New Delhi: The London Stock Exchange and the New York Stock Exchange Euronext may pick up a five percent stake each in MCX Stock Exchange, India`s newest bourse, a newspaper report said, citing two people close to the development.

The founders of MCX-SX, which aims to be the third national level stock exchange, have to pare their stake by September 15 to comply with regulations, the paper said.

However in March, a source familiar with the matter said that the London bourse was not in talks buy a stake in the Indian exchange.

MCX-SX officials could not be immediately reached for comment.

Financial Technologies and Multi Commodity Exchange of India Ltd, the two founding firms, have already bought down their combined holding to 70 percent from 100 percent.

MCX-SX is hopeful of getting the regulators approval to start equity trading when it pares its founders ownership to 40 percent, the paper cited an investment banker as saying.

Deutsche Bank, Nomura Financial Advisory, and Antique Capital Markets are advising MCX-SX on the transaction, the paper said.

Bureau Report



First Published: Wednesday, August 26, 2009 - 13:04

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