rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » NYSE Euronext calls off share sale in MCX

NYSE Euronext calls off share sale in MCX

March 07, 2013 12:21 IST

NYSE Euronext has called off its plan to raise up to $46 million by selling its 4.8 percent stake in Multi-Commodity Exchange of India (MCX), two sources with direct knowledge of the development said on Thursday.

The deal to sell the transatlantic exchange operator's 2.44 million shares in India's largest commodity bourse to institutional investors was launched late on Wednesday and was expected to be executed in stock markets on Thursday morning.

The transaction has been called off for now due to poor investor response to the pricing of the share sale, one of the sources said. Both sources declined to be named as they were not authorised to speak to the media.

NYSE Euronext had said last month it would shed its stake in Mumbai-based MCX.

Image: MCX MD Jignesh Shah.

Complete coverage: Union Budget 2013-14

Abhishek Vishnoi and Sumeet Chatterjee in Mumbai
Source:
© Copyright 2013 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.