Kotak Mahindra Bank is seeking to sell an 11% stake in the Ace Derivatives & Commodity Exchange (ACE), Economic Times reports. Kotak has to reduce its holding to 40% from 51% by October 26 to act in accordance with government rules on shareholding in a commodity exchange.
The stake has to be further lowered to 26% over the next four years, as per the rules. The bank is in discussions with both foreign and domestic investors, who have showed interest in buying a stake in ACE that offers futures trading in soyabean, soyaoil, mustardseed and gram through over 320 registered member brokers.
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