MCX gains; Kotak Mahindra Bank agrees to buy stake

MUMBAI Mon Jul 21, 2014 2:35pm IST

A broker monitors share prices while trading at a brokerage firm in Mumbai May 13, 2014. REUTERS/Danish Siddiqui/Files

A broker monitors share prices while trading at a brokerage firm in Mumbai May 13, 2014.

Credit: Reuters/Danish Siddiqui/Files

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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.

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