MCX at new high as FT sells stake

Financial Tech and MCX are the top two gainers on the BSE currently. MCX is up 11% and this is after hitting a new high at Rs.895. Financial Tech is also up but not as much as MCX; it is up currently around 6% at Rs.283.

Both the stocks are on the surge on news that Financial Tech has entered into a share purchase agreement with Kotak Mahindra Bank to sell its 15% stake in MCX. The stake sale has been closed at Rs.459 crore, which means this is at Rs.600/share of MCX, which is to a huge discount –around 24% to Friday’s closing price.

Post this, Financial Tech’s holding in MCX, which is currently at 15% will come down to just 5%. Rakesh Jhunjhunwala holds a tad above 4%. The exit of tainted FT is a big positive for the stock despite the shares of MCX being sold at a discount.