India's Multi Commodity Exchange has filed papers for its initial public offer of shares with the country's market regulator.

Mr Venkat Chary chairman of India's Multi Commodity Exchange said that MCX will sell 6.43 million shares constituting 12.6% stake of the company through the IPO. Financial Technologies will sell 5.18% stake while State Bank of India will sell 4.14% stake.

GLG Financial Funds will also sell its 1.53% stake in the company.

Besides this, Corporation Bank, Bank of Baroda , Alexendra Mauritius Ltd, ICICI Lombard and General Insurance Co will sell less that one percent stake, it added.

(Sourced from Thomson Reuters)