MCX gains; Kotak Mahindra Bank agrees to buy stake
MUMBAI (Reuters) - Shares in Multi Commodity Exchange of India(MCEI.NS) surged on Monday. Private sector lender Kotak Mahindra Bank(KTKM.NS) agreed to buy a 15 percent stake in the company for 4.59 billion rupees ($76.1 million), the bank said in a statement late on Sunday.
Kotak will purchase the stake from bourse operator Financial Technologies (India) Ltd (FITE.NS) and the deal is subject to regulatory approvals, the statement said.
MCX shares were trading up nearly 7 percent as of 2:35 p.m.
- Tweet this
- Share this
- Digg this
Trending On Reuters
India can increase public investment to drive growth without borrowing more, a key government report said on Friday, in an indication that Finance Minister Arun Jaitley will stick to debt targets in his maiden full-year budget on Saturday. Full Article