Forward Market Commission (FMC) has given its approval to Kotak Mahindra Bank (KMBL) for its proposed acquisition up to 15% of equity share capital of Multi Commodity Exchange of India (MCX). Earlier on August 18, MCX board gave its in-principle approval to KMBL for buying 15% stake for Rs 459 crore. The deal with Kotak was initially announced on July 20 and the transaction price was Rs 600 per share.
MCX, the leading commodity bourse, largely offers futures trading in non-agricultural commodities. The exchange contributes maximum business to the total turnover of the commodity futures market.
