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FTIL to sell 1.58% in IEX to Madison for $5.2M

By PTI
21 October, 2015

Financial Technologies today said that it has entered into an agreement with Madison India for sale of 1.58 per cent stake in Indian Energy Exchange for Rs 33.96 crore.

“… on October 20, 2015 the company has entered into a Share Purchase Agreement (SPA) with Madison India Opportunities III, for sale of 4,78,834 (1.58 per cent stake in IEX on fully diluted basis) equity shares of Rs 10 each of IEX for an aggregate consideration of Rs 33.96 crore,” FTIL said in a regulatory filing.

Earlier this month, FTIL had completed the sale of 11 per cent stake in IEX to DCB Power Ventures and Kiran Vyapar.

With the conclusion of the transaction (of 11 per cent stake), the company had completed the sale of 13.60 per cent stake in IEX, on fully diluted basis.

Last month the company has entered into an amended share purchase agreement with five buyers to sell its 19.06 per cent stake in the IEX for Rs 409.95 crore.

The company on June 18 announced that it has entered into SPA with five companies — DCB Power Ventures, Kiran Vyapar, Agri Power and Engineering, Aditya Birla Capital Advisors (Trustee to the Aditya Birla Private Equity Fund I) and Aditya Birla Capital Advisors (Trustee to the Aditya Birla Private Equity Sunrise Fund).

Jignesh Shah-led FTIL, has exited from commodity exchange business in India and abroad after the then sector regulator FMC had declared the company and promoter unfit to run the business.


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FTIL to sell 1.58% in IEX to Madison for $5.2M

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