Reliance Mutual buys stake in Financial Tech
Mumbai, March 27 Reliance Mutual Fund has purchased Financial Technologies' shares worth Rs 120.5 crore, according to the bulk deal reports on the BSE. Some FIIs sold the shares of the company. Financial Technologies is promoted by Multi Commodity Exchange (MCX).
Reliance Capital Trustee Company Ltd bought 24 lakh shares (or 5.23 per cent stake) of Financial Technologies for Rs 502.50 a share. FID Funds Mauritius Ltd and Fidelity sold 37.5 lakh shares of Financial Technologies worth Rs 188.81 at Rs 501.83 a share.
Meanwhile, MCX on Friday ruled out the possible exit of Fidelity and Citigroup as shareholders of MCX. "Fidelity and Citi are shareholders of MCX as permitted under Government policy on Foreign Investment in Commodity," said a statement issued by Financial Technologies to the BSE.
MCX's IPO plans have been delayed due to unfavourable market