Fidelity buys 9 per cent in MCX for $49 million
Mumbai: Leading foreign institutional investor Fidelity International has acquired a 9 per cent stake in the Multi Commodity Exchange of India (MCX) for $49 million. The Exchange is scheduled to come out with an initial public offering (IPO) in April this year. At this price, the valuation of the commodity exchange works out to US$544mn.

The existing shareholders of the MCX include Financial Technologies (India), State Bank of India and its seven associate banks, SBI Life Insurance, National Stock Exchange, National Bank for Agriculture and Rural Development, HDFC Bank, Union Bank of India, Canara Bank, Bank of India, Bank of Baroda and Corporation Bank.

The MCX accounts for 53 per cent of total market turnover of Indian commodity and futures market and the balance 47 per cent is accounted for by 23 other exchanges.

In case of global commodities, the MCX has a market share of over 80 per cent, an MCX official said.

The MCX has international tie-ups with the Tokyo Commodity Exchange, the Baltic Exchange, the Chicago Climate Exchange (CCX), the New York Mercantile Exchange (NYMEX), the London Metal Exchange (LME), the Dubai Metals and Commodities Centre (DMCC), a strategic initiative of the Dubai government to set up the Dubai Gold and Commodities Exchange (DGCX).
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IVRCL plans stock split in 1:5 ratio
Mumbai: IVRCL Infrastructures & Projects plans to split equity shares of the company in 1:5 ratio.

As a result of the split the authorised share capital of Rs40 crore shall consist of 17.50 crore-equity shares of Rs2 each and 2.50 crore-preference shares of Rs2 each and accordingly the paid up share capital will also be subdivided on approval by the members.
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ACC allots 2.41 lakh shares
Mumbai: Associated Cement Companies (ACC) has allotted over 2.41 lakh equity shares upon conversion of foreign currency convertible bonds (FCCBs). The shareholders have also approved the allotment of 6,041 shares underlying global depository shares upon conversion of FCCBs, the company informed the Bombay Stock Exchange.

Consequently, the company's paid up share capital has increased to 18.54 crore shares from 18.51 crore shares, having a face value of Rs10.
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Maharashtra Seamless plans stock split in 1:2 ratio
Mumbai: Maharashtra Seamless, engaged in the manufacture of seamless and electric resistance welded pipes, plans to split equity shares of the company in 1:2 ratio.

The board of directors have approved the proposal of splitting of equity shares of the company from one share of the face value of Rs10 each into two equity shares of the face value of Rs5 each, subject to the approval of the shareholders, the company informed the Bombay Stock Exchange.

Maharashtra Seamless' products are used in oil and gas, hydrocarbon, automobiles, agro and general engineering industry.
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SEBI keeps mum on Ambani brothers' spat
Mumbai: SEBI has chosen to keep quiet on the spat between Mukesh and younger brother Anil's camp on the listing of new entities to be carved out of Reliance Industries.

SEBI chairman, M Damodaran, said he had no comments to make on whether the two sides have approached the regulator on listing issues and if it had given any direction to BSE for completing the listing formalities of Reliance Natural Resource Ltd.

As per the demerger settlement, four new companies - RNRL, Reliance Communication Ventures, Reliance Energy Ventures and Reliance Capital Ventures — were to be transferred to Anil Ambani.

Mukesh Ambani's aide Sandeep Tandon has maintained "listing is an obligation not only of the resulting company but also of RIL and its Board."
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