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Jignesh Shah’s MCX dilutes stake in Dubai Gold and Commodities Exchange

MCX held 10% stake in Dubai Gold and Commodities Exchange when it began ops in 2005.

Written by PTI | New Delhi | Published: October 3, 2013 3:13:01 pm

India’s largest commodity bourse MCX today said it has diluted its stake to 3.4 per cent from the existing 5 per cent in the Dubai Gold and Commodities Exchange (DGCX) through rights issue option.

MCX held 10 per cent stake in DGCX when it began operations in 2005 and later reduced it to 5 per cent.

“The stake of MCX in DGCX,got diluted from 5 per cent to 3.4 per cent of the paid capital of DGCX in July 2013 due to a rights issue by DGCX,” the bourse said in a filing to the BSE.

Multi Commodity Exchange of India Ltd

Except for the change in the shareholding percentage of MCX,there has been no other change for the exchange,it said.

MCX is promoted by Jignesh Shah’s Financial Technologies India Ltd (FTIL),which currently holds 39 per cent DGCX. FTIL is a co-promoter in Dubai-based bourse.

Related: Financial Technologies India’s statutory auditor withdraws report due to NSEL crisis

The shares of MCX rose by 4.58 per cent to Rs 399.9 a piece on the BSE at 1300 hours.

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