Paul Parambi, head of group strategy at Kotak Mahindra Bank says the MCX deal is aimed at value-creating for shareholders of Kotak
Kotak Mahindra Bank will be acquiring 15 percent stake in MCX , held by FTIL . Paul Parambi, head of group strategy at Kotak Mahindra Bank says the bank is looking at the intrinsic value of MCX. He adds that Kotak is a pure financial investor in MCX and has no special rights with respect to seat on MCX board.
Parambi says the MCX deal is aimed at value-creating for shareholders of Kotak.
The total deal value is pegged at Rs 459 crore. "FTIL have entered into a share purchase agreement (SPA) to sell 15 percent stake in MCX to Kotak Mahindra Bank Limited (KMBL) for a total consideration of Rs 459 crore. This transaction culminates majority of the divestment process initiated by FTIL since February 27, 2014," it said in an official statement.
This amounts to Rs 600 per share, which Parambi believes to be fair. Kotak Mahindra Bank says MCX transaction has nothing to do with existing Commex ACE.
Kotak Mahindra stock price
On July 21, 2014, at 11:11 hrs Kotak Mahindra Bank was quoting at Rs 952.05, up Rs 16.95, or 1.81 percent. The 52-week high of the share was Rs 971.80 and the 52-week low was Rs 588.00.
The company's trailing 12-month (TTM) EPS was at Rs 19.85 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 47.96. The latest book value of the company is Rs 159.29 per share. At current value, the price-to-book value of the company is 5.98.
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