Renuka, Jaypee Cap may team up to buy up to 26% in NCDEX

Leading sugar refiner Shree Renuka Sugars and Delhi-based broker Jaypee Capital will form a consortium for picking up to 26% stake, or become an anchor investor, in commodity exchange NCDEX, according to sources.

Renuka Sugars is in talks with Crisil, one of the shareholders of NCDEX, which currently holds 12%, to pick up 7% additional stake in NCDEX for 145 a share, valuing the bourse at around 543 crore. Renuka Sugars holds 5% in NCDEX and if the deal with Crisil goes through it will hold 12%. In the case of Jaypee, NCDEX will issue fresh equity. The two would together hold 26% in NCDEX.