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Crisil sells 7 pc NCDEX stake to Shree Renuka

16 Sep 2010

Rating agency Crisil, the Indian arm of global ratings agency Standard & Poor's has sold 7 per cent in commodity exchange NCDEX to Shree Renuka Sugars with barely a fortnight left for a deadline to cut its stake. Following this, the holding of Shree Renuka Sugars has gone up to 12 per cent, from five per cent.

Crisil, which had 12 per cent stake in NCDEX, had to reduce it to 5 per cent by September as per the guidelines of the Department of Industrial Policy and Promotion (DIPP). Any foreign entity has to limit its stake in a commodity exchange to five per cent.

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