IDFC PE to buy 5% stake in NCDEX from Jaypee Capital for Rs 46 crore
Summary
In the same year, though, Jaypee Capital had acquired a minority stake in the exchange at a heavily discounted price of Rs 59 a share. Jaypee is expected to reimburse NCDEX for having failed to garner the promised volumes, said people familiar with the transaction though did not divulge details. Gaurav Arora, MD, Japyee Capital, declined to comment on the details of the negotiations with IDFC PE.Besides Jaypee and Renuka Sugars, other key shareholders of NCDEX include NSE, Nabard, LIC, IIFCO, PNB, Canara Bank and Intercontinental Exchange of the US. Jaypee will continue to hold 7.7%.NCDEX, which has more than 700 accredited warehouses across India with capacity to handle more than 2.6 million tonnes of agricultural produce, accounts for more than 70% of the trading in agro-futures.Its average daily turnover at Rs 5,000 crore is much lower than the average of Rs 38,170 crore on metals and energy exchange MCX, which has seen a fall in turnover since the introduction of a commodity transaction tax in July. Backed by marquee institutions and with global systems and checks in place, we see the scope to double the turnover in the short term," says Girish Nadkarni, partner, IDFC Alternatives.