•  •  Dark Mode

Your Interests & Preferences

I am a...

law firm lawyer
in-house company lawyer
litigation lawyer
law student
aspiring student

Website Look & Feel

 •  •  Dark Mode
Blog Layout

Save preferences

JSA, Amarchand on FTIL's $76m MCX stake sale to Kotak Mahindra

J Sagar Associates (JSA) advised Financial Technologies (India) (FTIL) on the Rs 459 crore ($76m) sale of its 15 per cent stake in Multi Commodity Exchange of India (MCX) to Kotak Mahindra Bank which was advised by Amarchand Mangaldas.

JSA partners Berjis Desai, Somasekhar Sundaresan and Vikram Raghani and senior associate Anand Lakra acted for the Jignesh-Shah led FTIL.

Amarchand Mumbai managing partner Cyril Shroff and partner Ashwath Rau acted for Kotak.

FTIL held a 26 per cent stake in MCX but sold 6 per cent earlier this month, and after further selling 15 per cent through this deal it will be left with five per cent which it plans to divest soon and exit the MCX, reported Mint.

The Securities and Exchange Board of India (SEBI) guidelines require a promoter to maintain a minimum holding of 20 per cent for until three years after a company’s initial public offering. Since MCX was listed on the stock exchanges in March 2012, FTIL needed to maintain a 20 per cent stake in MCX until March 2015. After this was pointed out by FTIL to commodities market regulator – the Forward Markets Commission, it wrote to the SEBI seeking a relaxation, but SEBI is yet to take a decision on the request, added Mint.

Click to show 3 comments
at your own risk
By reading the comments you agree that they are the (often anonymous) personal views and opinions of readers, which may be biased and unreliable, and for which Legally India therefore has no liability. If you believe a comment is inappropriate, please click 'Report to LI' below the comment and we will review it as soon as practicable.