India's largest sugar refiner Shree Renuka Sugars has finally secured the approval of commodity market regulator Forward Markets Commission (FMC) for acquiring 5% stake in NCDEX.

Under the arrangement, Shree Renuka Sugars would buy the stake from Inter Continental Exchange and Goldman Sachs for a total consideration of Rs 36.50 crore.

The sugar refiner intends to acquire 3% stale from Goldman Sachs and 2% from Intercontinental Exchange in NCDEX.

It should be noted that Intercontinental Exchange and Goldman Sachs hold 7 percent and 8 percent respectively in NCDEX and they have to divest the excess stake by September.

As per guidelines issued last year on foreign investment in commodity exchanges, no single foreign investor can own more than 5 percent in an exchange. The last date to comply with the guidelines is September 30.