MoneyWorks4Me

Financial Technologies, MCX to exit Dubai Gold and Commodity Exchange

09 May 2013 Evaluate

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.

Peers
Company Name CMP
TCS 2112.75
Infosys 1027.50
HCL Technologies 1251.05
Wipro 164.65
Tech Mahindra 1540.50
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