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Kotak Bank formally acquires MCX

Kotak Mahindra Bank completed the deal to buy out 15% stake held by Financial Technologies in Multi Commodity Exchange (MCX) for Rs 459 crore. FTIL has now fully exited the venture, the largest commodity exchange in the country. The deal had received approval from Forward Markets Commission, which had intervened in the matter following the Rs 5600 crore scam in FTIL-promoted NSEL. Kotak Mahindra Bank bought 76,49,755 shares of MCX at Rs 600 apiece.

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