J. Sagar Associates advised Financial Technologies (India) Limited on the sale of its 15% stake in the Multi Commodity Exchange of India (MCX) to Kotak Mahindra Bank. The Kotak Mahindra Bank was advised by Amarchand Mangaldas..The deal is valued at Rs. 459 crore ($76 million)..The JSA team was led by Partners Berjis Desai, Somasekhar Sundaresan and Vikram Raghani along with Senior Associate Anand Lakra..The Amarchand team was led by Managing Partner Cyril Shroff along with Corporate Partner Ashwath Rau. Mumbai Competition Law Partner Nisha Kaur Uberoi advised on the competition law issues..FTIL has been divesting its shareholding in MCX. Early this month FTIL had sold 6 per cent of MCX in two tranches, which reduced, it’s holding in the commodity bourse to around 20 per cent, reports VCCircle..With this transaction, FTIL is left with 5 per cent stake in MCX. According to ET, SEBI has today announced its decision to allow Financial Technologies to bring down its stake to 1.99 per cent in MCX. To facilitate divestment by erstwhile promoters of MCX, Sebi has relaxed lock in period for such stake sale in the commodity bourse. .The relaxation has been given in order to allow FTIL to comply with directions from the Forward Markets Commission issued in December last year.
J. Sagar Associates advised Financial Technologies (India) Limited on the sale of its 15% stake in the Multi Commodity Exchange of India (MCX) to Kotak Mahindra Bank. The Kotak Mahindra Bank was advised by Amarchand Mangaldas..The deal is valued at Rs. 459 crore ($76 million)..The JSA team was led by Partners Berjis Desai, Somasekhar Sundaresan and Vikram Raghani along with Senior Associate Anand Lakra..The Amarchand team was led by Managing Partner Cyril Shroff along with Corporate Partner Ashwath Rau. Mumbai Competition Law Partner Nisha Kaur Uberoi advised on the competition law issues..FTIL has been divesting its shareholding in MCX. Early this month FTIL had sold 6 per cent of MCX in two tranches, which reduced, it’s holding in the commodity bourse to around 20 per cent, reports VCCircle..With this transaction, FTIL is left with 5 per cent stake in MCX. According to ET, SEBI has today announced its decision to allow Financial Technologies to bring down its stake to 1.99 per cent in MCX. To facilitate divestment by erstwhile promoters of MCX, Sebi has relaxed lock in period for such stake sale in the commodity bourse. .The relaxation has been given in order to allow FTIL to comply with directions from the Forward Markets Commission issued in December last year.