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Euronext selling MCX stake for up to $46 million: source

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1 of 2. A man moves an advertising poster bearing the MCX-SX logo at their Exchange Square building in Mumbai February 11, 2013.

Credit: Reuters/Vivek Prakash/Files

MUMBAI | Wed Mar 6, 2013 11:30pm IST

MUMBAI (Reuters) - NYSE Euronext(NYX.N) has launched the sale of its 4.8 percent stake in the Multi-Commodity Exchange of India (MCX)(MCEI.NS), the country's biggest commodity bourse, in a deal that could raise up to $46 million, a source with direct knowledge said.

The transatlantic exchange operator is selling 2.44 million MCX shares in a range between 1,005 rupees and 1,026 rupees a share, said the source who requested anonymity as he was not authorised to speak to the media.

The price range represent a discount of 3-5 percent from MCX's Wednesday close price of 1,058 rupees.

At the top end of the price range, NYSE Euronext will raise about $46 million. The deal will be executed in the stock market on Thursday morning.

Citigroup (C.N) is the sole banker on the deal, said the source.

NYSE Euronext said last month it would shed its stake in Mumbai-based MCX, after its focus on cutting costs amid a lacklustre trading environment helped it beat profit expectations for the fourth quarter.

(Reporting by Sumeet Chatterjee; Editing by David Cowell)
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