NYSE Euronext has launched the sale of its 4.8 percent stake
in the Multi-Commodity Exchange of India (MCX), the country's biggest commodity
bourse, in a deal that could raise up to $46 million, a source with direct
knowledge said.
The
transatlantic exchange operator is selling 2.44 million MCX shares in a range
between 1,005 rupees and 1,026 rupees a share, said the source who requested
anonymity as he was not authorised to speak to the media.
The price range represent
a discount of 3-5 percent from MCX's Wednesday close price of 1,058 rupees.
At the top end of the
price range, NYSE Euronext will raise about $46 million. The deal will be
executed in the stock market on Thursday morning.
Citigroup is the sole
banker on the deal, said the source.
NYSE Euronext said last
month it would shed its stake in Mumbai-based MCX, after its focus on cutting
costs amid a lacklustre trading environment helped it beat profit expectations
for the fourth quarter.
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