Kotak Mahindra Bank gets CCI’s nod to buy 15% stake in MCX

Kotak Mahindra Bank gets CCI’s nod to buy 15% stake in MCX

Sep 16,2014   09:59 Hrs IST

Kotak Mahindra Bank has received Competition Commission of India’s (CCI) approval for its proposed Rs 459 crore deal to acquire 15 per cent stake in commodity bourse MCX. According to the Competition Commission of India (CCI) the proposed deal is not likely to have an appreciable adverse effect on competition in India. On July 20, this year, Jignesh Shah-led Financial Technologies India (FTIL) had announced that it has signed an agreement to sell 15 per cent stake in MCX to Kotak Mahindra Bank for Rs 459 crore. As mandatory, Kotak had approached CCI for its approval on August 1, 2014. Kotak Mahindra Bank is engaged in commercial banking, stock broking, mutual funds, life insurance and investment banking. The bank has an international presence through its subsidiaries with offices in London, New York, Dubai, Mauritius, San Francisco and Singapore that specialize in providing services to overseas investors seeking to invest into India.