MCX shares gain as Blackstone raises stake

Shares of Multi Commodity Exchange of India (MCX) rose nearly 4 per cent after Blackstone bought 2.79 per cent stake in the company.

Blackstone on Monday bought 2.79 per cent stake in MCX for around Rs 81 crore, after the Forward Markets Commission gave the private equity giant its nod to hike holding in the commodity bourse to 4.99 per cent.

MCX's scrip ended Tuesday with a gain of 3.66 per cent at Rs 592.35. During the day, the stock surged 6.65 per cent to Rs 609.50.

On the National Stock Exchange, the scrip settled at Rs 591, up 3.49 per cent from its previous close.

On December 18, the Forward Markets Commission accorded its approval to Blackstone GPV Capital Partners (Mauritius) VI FII to increase its stake in the company up to 4.99 per cent through secondary market transactions.

According to stock exchanges' data, foreign fund house Merrill Lynch sold its entire 14,22,245 shares, amounting to 2.79 per cent stake, of MCX to Blackstone GPV Capital Partners Mauritius VI FII Ltd.

The shares were offloaded on an average price of Rs 573 valuing the transaction at Rs 81.49 crore.

As of September quarter, Blackstone held 10.19 lakh shares, equivalent to two per cent stake, in MCX.