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Scotia Capital, AIMCo to cut stake in TMX Group

Reuters
A TMX Group sign, the company that runs the Toronto Stock Exchange (TSX), is seen in Toronto, June 23, 2014. REUTERS/Mark Blinch/File Photo

(Reuters) - Scotia Capital Inc, a unit of Bank of Nova Scotia (Toronto:BNS.TO - News), and Alberta Investment Management Corp (AIMCo) said they would cut their stake in the owner of Toronto Stock Exchange to less than 5 percent each.

The two companies agreed to sell 2.75 million shares each of TMX Group Ltd (Toronto:X.TO - News), representing 9.9 percent of the company's outstanding shares, at C$67 apiece. TMX shares closed at C$70.50 on Monday.

In August, AIMCo said it would sell 1.8 million shares of TMX.

Upon completion of the sale, Scotia Capital and AIMCo will no longer be entitled to appoint nominees to TMX's board, the companies said.

(Reporting by Ahmed Farhatha in Bengaluru; Editing by Anil D'Silva)