Reliance Capital has made a bid to buy a sizable stake in Multi Commodity Exchange (MCX), India’s biggest commodity exchange earlier controlled by Jignesh Shah’s Financial Technologies India Ltd.

Reliance Capital, among others, has put a non-binding bid for FTIL’s 24 per cent stake in MCX for above Rs.750 per share and reportedly has emerged as the highest bidder. Reliance Capital spokesperson declined to comment. FTIL officials said non-binding bids had no meaning and the final bidding would only take place on April 25.

FTIL, which has been declared as not ‘fit and proper’ has been directed by Forward Markets Commission (FMC) to reduce its holding in MCX to just 2 per cent from 26 per cent.

It is unlikely that one entity will get the 24 per cent stake put up for sale. FTIL and its merchant bankers would decide to whom it would divest stake as per FMC guidelines, officials said. Nine entities have shown interest to pick up FTIL’s stake and three to four are serious bidders, including Kotak Mahindra Group and the CME Group, world’s largest derivatives exchange.

Reliance Capital is keen to buy into MCX as it would help in consolidation of its commodity bourses business. It already has Indian Commodity Exchange. Reliance Capital believes that there is good scope to turnaround MCX which is plagued by execution problems.