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NYSE Euronext plans fresh bid to sell MCX stake

The global exchange giant, which runs leading bourses in the US and Europe, holds 4.79 per cent stake in MCX and its stake is currently valued at over Rs 200 crore.

BT Online Bureau   New Delhi     Last Updated: June 3, 2013  | 19:29 IST

NYSE Euronext is considering a fresh bid to sell its nearly 5 per cent stake in the Multi Commodity Exchange (MCX), after an earlier attempt failed in March this year.

The global exchange giant, which runs leading bourses in the US and Europe, holds 4.79 per cent stake in MCX and its stake is currently valued at over Rs 200 crore.

It had bought about 5 per cent stake in MCX for about Rs 240 crore in June 2008.

Earlier in March, it had tried selling nearly 24.42 lakh shares of MCX, amounting to a 4.79 per cent stake, for about Rs 250 crore, but the sale was called off due to poor response from investors.

According to the investment banking sources, NYSE Euronext will soon make a fresh attempt to sell its MCX stake, either in part or full, depending on the market conditions.

The sale would most probably be carried out through an open market transaction and would be part of NYSE Euronext's stated objective to monetise non-strategic assets across the world.

The exchange had earlier in an investor presentation said its MCX stake sale was expected to be concluded in the first half of 2013.

When contacted, an NYSE spokesperson did not offer any fresh comments and said that the company management had addressed the query during its earnings call in February.

At that time, NYSE Euronext's Group Executive Vice President and CFO, Michael S Geltzeiler, had said the company was continuing to deliver on its commitment to optimise the business portfolio with "the planned sale of all or part of our MCX stake" among other steps.

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.

With inputs from PTI

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