Topics : Mergers & Acquisitions<http://dealcurry.com/category.php?catid=1> Industries : Banking/Financial Services<http://dealcurry.com/category.php?indid=5> Email this <javascript:void(0);>
BK Modi's - *Spice Finance* is keen on acquiring 15% stake in *Universal Commodity Exchange* (UCX).The deal if goes through - would be probably done at par value, which means Spice will have to pay $3.24 Mn for the stake. UCX is jointly promoted by *IT People India*, Indian Farmers Fertiliser Cooperative, IFCI Venture Capital Funds, Rashtriya Chemicals and Fertilisers, Haryana State Cooperative Supply Marketing Federation and Bombay Bullion Association. IT People India hold a 40% stake in UCX, while the shareholding of the other entities is not known. Mumbai based - UCX is awaiting the final approval from Forward Market Commission to start operations. It has engaged* PwC *as consultants for the proposed exchange. Spice Group which is sitting on a cash pile of Rs 3,000 Cr, has been aggressively acquiring companies through its various group companies. It was also talking to Khandwala Securities Ltd for an acquisition. Earlier in Dec, it proposed to buy a 15% stake in *National Multi Commodity Exchange*. It is also set to acquire Nepal based money transfer agent - *Annapurna Finance *for about Rs40-50 Cr. Spice Finance is a Spice Group company headed by *Sudip Bandyopadhyay*, who joined Spice from Reliance Money. *Spice Group's Recent acquisitions* Date Buyer Asset Jan'10 Spice Retail Global Access Retail Pvt Ltd Sept'09 Spice Investments & Finance Advisors Wall Street Financ The market regulator has put an upper cap of 15% for shareholding in exchanges, which means IT People India will have to sell 25% stake in UCX, after receiving the approval to start operations. Mumbai based - IT People India sells software products and solutions to sock exchanges and other financial institutions. *Comparables* Date Buyer Asset Stake Size ($ Mn) Sept'09 IDFC Indian Commodity Exchange 5% - Aug'09 Shree Renuka Sugars Ltd National Commodity & Derivatives Exchange Ltd - 7.5 Aug'09 BSE United Stock Exchange Ltd - - July'09 IFCI Ltd MCX Stock Exchange Ltd - 51.89 June'09 Union Bank of India MCX Stock Exchange Ltd - 18.55 Source: *Financial Chronicle*<http://www.mydigitalfc.com/stock-market/spice-finance-eyes-15-stake-ucx-925> -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
