Oman Investment Fund (OIF), a sovereign wealth fund owned by the Oman government, and a hedge fund have agreed to buy part of National Stock Exchange's stake in National Commodity & Derivatives Exchange (NCDEX) in a deal that would value the bourse at Rs 700 crore.
"OIF has agreed to pick up 5% in the commodity exchange from NSE and a hedge fund will buy 1.1% at a little under Rs 145 a share, the price Renuka Sugars paid to buy 7% in NCDEX from Crisil last year," said a person aware of the development. If the deal goes through, it will mark the entry of a sovereign fund into India's seven-year-old commodity futures market that posted turnover in excess of Rs 100 lakh crore in the previous financial year (FY11). The number of shares subscribed to by NCD-EX's shareholders is 5.06 crore of Rs 10 face value each. The valuation of Rs 700 crore is based on a share price around Rs 140, valuing the 6.1% stake at Rs 43 crore, or close to 10 times what NSE had invested in NCDEX to buy 15% stake at its inception in 2003.
An e-mail query and telephone call to NSE's corporate communications asking for a confirmation of the development remained unanswered till the time of going to press, as did an e-mail to OIF. JM Financial is the advisor to NSE on the deal.
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