Financial Technologies (FT) and Multi Commodity Exchange (MCX), the promoters of the Dubai Gold and Commodity Exchange (DGCX), are planning to offload 44% of their stake in the exchange. Nevertheless, government-owned Dubai Multi Commodity Centre (DMCC), which owns a 51% stake, has the first right of refusal for the 44% stake of the two Indian companies.
This move comes right after the India’s Apex Bank issued a circular on April 25 restricting equity participation by any Indian entity in a foreign bourse that trades financial products linked to the rupee as the currency is not fully convertible.
Back in April 2007, Financial Technologies sold 1% in DGCX to DMCC for $12.5 million, while later it offloaded another 5% to Passport Capital, a foreign institutional investor.
