Shree Renuka ups stake in NCDEX to 12% | business | Hindustan Times
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Shree Renuka ups stake in NCDEX to 12%

Shree Renuka Sugars has raised its stake in National Commodity & Derivatives Exchange (NCDEX) to 12 per cent by buying 7 per cent from Crisil, the Indian arm of global ratings agency Standard & Poor’s, for over R38 crore.

business Updated: Sep 27, 2010 20:07 IST

Shree Renuka Sugars has raised its stake in National Commodity & Derivatives Exchange (NCDEX) to 12 per cent by buying 7 per cent from Crisil, the Indian arm of global ratings agency Standard & Poor’s, for over R38 crore.

The Karnataka-based sugar maker has purchased 26.25 lakh shares of NCDEX for R145 per share, the company said in a filing to the BSE on Monday.

Shree Renuka Sugars exercised its right of first refusal and purchased a 7 per cent stake.
Crisil, which held 12 per cent stake in NCDEX, had to reduce it to 5 per cent by September, according to the guidelines of the Department of Industrial Policy and Promotion (DIPP).

The government has made it must for any foreign entity to limit its stake in a commodity exchange to 5 per cent.

Earlier this year, Fidelity reduced its stake in MCX from 9 per cent to 5 per cent to comply with DIPP norms.