Financial Tech to Sell More Stake in IEX for Rs 100 Crore

New Delhi: Financial Technologies India Ltd (FTIL) on Monday said the company has entered into two different agreements for sale of an additional 3.63 per cent stake in Indian Energy Exchange (IEX) for nearly Rs 100 crore.

FTIL said in a regulatory filing that it has entered into an agreement with SG BRIC III Trading, LLC for sale of a 1.61 per cent stake for Rs 34.64 crore and with Singuler Guff NJDM Investment Holdings Ltd for sale of a 3.02 per cent stake for Rs 64.99 crore.

With conclusion of the above transactions, the company will have only a 0.37 per cent stake in IEX.

FTIL had an around 26 per cent stake in power trading exchange IEX.

Power sector regulator CERC had ordered Jignesh Shah-led FTIL to divest its entire stake in the power exchange.

The move followed the then commodity markets regulator FMC declaring FTIL and the promoter unfit to run exchange business following the payment crisis at its subsidiary NSEL (National Spot Exchange Ltd).

Similarly, the Securities and Exchange Board of India (Sebi) had said FTIL is not fit and proper to own stakes in any stock exchange and directed it to divest existing holdings in MCX-SX and four other entities.