MCX sells equity convertible warrants in Metropolitan Stock Exchange to IL&FS

Commodity bourse operator Multi Commodity Exchange of India Ltd (MCX) has sold additional equity convertible warrants of Metropolitan Stock Exchange of India Ltd (MSXI) to IL&FS Financial Services Ltd (IL&FS), according to a stock market disclosure.

It sold 90.2 lakh warrants convertible to equal number equity shares at Rs 2.50 each aggregating Rs 2.25 crore. On March 16, MCX sold 2.15 crore convertible warrants, which were convertible to equal number of equity shares of the stock exchange, to IL&FS.

As on December 31, 2014, the commodity exchange held 2.71 crore equity shares of MSXI besides 63.41 crore warrants, representing 37.68 per cent of diluted equity base. Post the twin transactions this month, it continues to own around 60.36 crore warrants and its stake has shrunk to 35.94 per cent.

IL&FS already held 1.77 per cent in MSXI and its holding has now gone up to 3.33 per cent, making it the fourth largest stakeholder behind MCX, IFCI and Union Bank of India.

Financial Technologies India Ltd (FTIL) had recently sold its entire 4.86 per cent stake in MSXI to ace investor Rakesh Jhunjhunwala, Mumbai-based financial services major Edelweiss Financial Services Ltd and others.

MCXI started operations in the currency derivatives (CD) segment in October 2008 and started capital market as well as futures and options segments and flagship index trading from February 2013.

(Edited by Joby Puthuparampil Johnson)

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