63 Moons Tech's arm signs pact to sell stake in Bourse Africa

63 Moons Technologies, formerly Financial Technologies (India), said its Mauritius-based subsidiary has signed a revised agreement with Continential Africa Holdings (CAHL) to sell its entire stake in Bourse Africa for USD 10.50 million.

In a BSE filing, the company said, "Our subsidiary FT Group Investments Pvt Ltd (FTGIPL) Mauritius has entered into an amended SPA (Share Purchase Agreement) with CAHL for sale of its 100 percent stake in Bourse Africa Ltd (BAL), Mauritius for USD 10.50 million." The amended SPA would be subject to certain approvals in Mauritius and India, and also to certain conditions precedent, including seeking of direction from National Company Law Tribunal (NCLT) and other regulators, it said.

It may be noted that 63 Moons Technologies itself does not hold any shares in BAL, the filing said.

The company further said that it had taken up the matter regarding sale of BAL by FTGIPL before the committee, constituted by National Company Law Tribunal (NCLT).

The Committee at its meeting held on September 15, 2016 was of the view that the sale of BAL by FTGIPL does not come within its purview and hence the committee has no authority or jurisdiction to consider the matter, the filing said.

Jignesh Shah-led 63 Moons Technologies is exiting from commodity exchange business in India and abroad after the then commodity markets regulator FMC declared the company and the promoter unfit to run the business.