Euronext Sells Stake in India Bourse

March 7
10:39 AM 2013

NYSE Euronext has offered to sell 4.8% of its shareholdings in India's biggest commodity bourse, Multi-Commodity Exchange of India. The deal expected to reach US$46 million according to insiders knowledgeable with the deal.

The transatlantic exchange operator's price tag would include 2.44 million MCX shares at a price between 1,005 rupees and 1026 rupees per share. This price range is lower by three to five percent from the closing share value at 1,058 rupees. The deal is expected to be confirmed in the Stock Market by Thursday.

The bank facilitating the sale is Citigroup, according to sources knowledgeable with the transaction requesting anonymity. This sale follows the announcement made by NYSE Euronext that it would be divesting itself of its stake in MCX Mumbai. The reason would be to cut costs due to tepid trading activities, but reported better than expected profits for the fourth quarter of last year's performance.

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