<p>Financial Technologies (FTIL) exited country’s largest commodity exchange MCX by selling its residual 5 per cent stake in the bourse, it had originally promoted, for over Rs 200 crore.</p>.<p><br />In July, Jignesh Shah-led FTIL, the erstwhile promoter of MCX, had announced sale of its 15 per cent stake in MCX to Kotak Mahindra Bank for Rs 459 crore. On Wednesday, commodity market regulator FMC had approved the deal with Kotak.</p>.<p><br />“Pursuant to the applicable clauses of the listing agreement, please be informed that without prejudice to the legal rights and remedies, the company has further sold balance 5 per cent equity shares of MCX in the market,” FTIL said in a statement.</p>.<p><br />MCX shares rose by 5.08 per cent to settle at Rs 856.85 apiece on the BSE. Its total market cap stands at Rs 4,370 crore at closing price. Based on this, the five per cent stake is valued at Rs 218 crore.<br /><br />As per exchange data, SBI Life Insurance has bought over 3 lakh shares in MCX on Thursday.<br />FTIL originally held 26 per cent stake in MCX. It has divested stake in MCX after market regulator FMC had declared the company unfit to run any exchange in the wake of Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL).</p>.<p><br />The regulator had asked FTIL to reduce its stake in MCX to 2 per cent from 26 per cent.<br />Before the Kotak deal, FTIL had sold 6 per cent stake in MCX, including about 2 per cent sale to billionaire investor Rakesh Jhunjhunwala, in two rounds for about Rs 220 crore, bringing down its shareholding to 20 per cent.<br /><br />Shah founded the Multi-Commodity Exchange or MCX in November 2003 and then went on to set up a stock exchange called MCX-SX. </p>
<p>Financial Technologies (FTIL) exited country’s largest commodity exchange MCX by selling its residual 5 per cent stake in the bourse, it had originally promoted, for over Rs 200 crore.</p>.<p><br />In July, Jignesh Shah-led FTIL, the erstwhile promoter of MCX, had announced sale of its 15 per cent stake in MCX to Kotak Mahindra Bank for Rs 459 crore. On Wednesday, commodity market regulator FMC had approved the deal with Kotak.</p>.<p><br />“Pursuant to the applicable clauses of the listing agreement, please be informed that without prejudice to the legal rights and remedies, the company has further sold balance 5 per cent equity shares of MCX in the market,” FTIL said in a statement.</p>.<p><br />MCX shares rose by 5.08 per cent to settle at Rs 856.85 apiece on the BSE. Its total market cap stands at Rs 4,370 crore at closing price. Based on this, the five per cent stake is valued at Rs 218 crore.<br /><br />As per exchange data, SBI Life Insurance has bought over 3 lakh shares in MCX on Thursday.<br />FTIL originally held 26 per cent stake in MCX. It has divested stake in MCX after market regulator FMC had declared the company unfit to run any exchange in the wake of Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL).</p>.<p><br />The regulator had asked FTIL to reduce its stake in MCX to 2 per cent from 26 per cent.<br />Before the Kotak deal, FTIL had sold 6 per cent stake in MCX, including about 2 per cent sale to billionaire investor Rakesh Jhunjhunwala, in two rounds for about Rs 220 crore, bringing down its shareholding to 20 per cent.<br /><br />Shah founded the Multi-Commodity Exchange or MCX in November 2003 and then went on to set up a stock exchange called MCX-SX. </p>