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
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
U.S. President Barack Obama watched a dazzling parade of India's military might and cultural diversity on Monday, the second day of a visit trumpeted as a chance to establish a robust strategic partnership between the world's two largest democracies. Full Article
Indian economic growth forecasts pegged back, despite rate cuts: Reuters Poll. Full Article