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.
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As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article