RCap's unit buys 26 per cent stake in ICEX from Indiabulls
PTI January 3, 2011Starting the year on a robust note, Reliance Capital's unit Reliance Exchangenext (R Next) has bought 26 per cent stake in Indian Commodity Exchange Ltd (ICEX) from Indiabulls Financial Services for an undisclosed sum, the companies said on Monday.
R Next has acquired 26 per cent stake in ICEX, following which Indiabulls financial Services is left with 14 per cent stake in the commodity exchange, the companies said in a filing to the Bombay Stock Exchange.
The acquisition has been made by the R Next after receiving necessary regulatory approvals for completing the transfer and being an anchor investor in ICEX, the filing added.
"We see a huge potential in the commodity market space.
With this, we plan to develop an integrated and transparent national electronic commodity market place," R Next President & CEO Rajnikant Patel said.
The move comes about three months after the commodity markets regulator FMC had given approval to the Anil Ambani led Group to acquire 26 per cent stake in Indian Commodity Exchange (ICEX) from one of its promoters, Indiabulls, in September last year.
ICEX, a national-level commodity bourse, which offers futures trading in 18 commodities, including bullion, metals and agricultural items, has been promoted jointly by Indiabulls and trading giant MMTC, which has 26 per cent stake in the bourse.
Following the transaction, Reliance Capital scrip jumped by 1.49 per cent to trade at Rs 678 while Indiabulls Financial Services soared by 4.87 per cent to an early high of Rs 182.10 on the BSE.