NYSE Euronext calls off stake sale in MCX
NYSE Euronext has called off its plans to sell entire 4.79% stake in India's premier commodity bourse MCX for about $45 million (Rs 246 crore).
Investment banking sources said NYSE Euronext's plan to offload little over 24.42 lakh shares of MCX (Multi Commodity Exchange) has been called off due to poor response from investors.
The sale, through secondary market, was expected to happen on Thursday. Shares were expected to be sold in the price range of Rs 1,005.10 - 1,026.25 apiece.
"The sale has been called off as bids did not come at the offered price range," a source said. At the higher end of the price band, the sale could fetch around Rs 250 crore.
According to sources, the sale is part of NYSE Euronext efforts to monetise non-strategic assets.
The exchange had bought 5% stake for about Rs 240 crore in June 2008.