India's Kotak Mahindra Bank to buy 15 pct stake in MCX

MUMBAI, July 20 Sun Jul 20, 2014 11:52am EDT

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MUMBAI, July 20 (Reuters) - Private sector lender Kotak Mahindra Bank has agreed to buy a 15 percent stake in Multi Commodity Exchange of India (MCX) for 4.59 billion rupees ($76.1 million), the bank said in a statement late on Sunday.

Kotak will purchase the stake from bourse operator Financial Technologies (India) Ltd and the deal is subject to regulatory approvals, the statement said.

The MCX offers trading in commodity futures including metals, crops and spices.

The Securities and Exchange Board of India, the country's capital markets regulator, had ordered Financial Technologies to sell its entire stake in MCX in March. ($1 = 60.2800 Indian Rupees) (Reporting by Nandita Bose; Editing by Erica Billingham)

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