ADAG to buy 26% stake in Indiabulls’ Icex
Icex, which started operations less than a year ago, was founded by Indiabulls and MMTC. It later roped in other investors
Reliance-Anil Dhirubhai Ambani Group (ADAG) is reportedly acquiring a 26% stake from Indiabulls Financial Services in Indian Commodity Exchange (Icex).
Icex, which started operations less than a year ago, was founded by Indiabulls and MMTC. It later roped in other investors, including Indian Potash, Kribhco and Infrastructure Development Finance Co. (IDFC) to comply with regulatory guidelines.
Indiabulls holds 40% of the exchange.
If the deal is done it would be R-ADAG’s second investment in a commodity exchange after group firm Reliance Money bought a 10 percent stake in National Multi Commodity Exchange of India, the paper said.
Shares of Indiabulls Financial Services Ltd. rose as much as 6% on the BSE after a financial newspaper reported that the financial services provider may sell a 26% stake in Indian Commodity Exchange Ltd. to Reliance-Anil Dhirubhai Ambani Group.
source: IndiaInfo Line
Tags: reliance adag group news, reliance tips
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