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FTIL ups stake sale in IEX to 19.06% for Rs 410 crore

The company on June 18 announced that it has entered into share purchase agreement with 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).

September 23, 2015 / 12:56 PM IST
 
 
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Financial Technologies India Ltd (FTIL) on Wednesday said it has entered into an amended share purchase agreement with five buyers to sell its 19.06 percent stake in Indian Energy Exchange(IEX) for Rs 409.95 crore.

The company on June 18 announced that it has entered into share purchase agreement with 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).

"The amendment to share purchase agreement has been entered with the same purchasers...The total number of sale of shares between the above said purchasers are 57.80 lakh shares comprising of 19.06 per shares as against 50.34 lakh equity shares comprising of 16.60 percent as informed earlier," FTIL said in a BSE filing.

It further said: "The total consideration would be Rs 409.95 crore as against Rs 357.06 crore." FTIL added that the above transaction is subject to fulfilment of certain customary conditions precedents and the said shares will be transferred to purchases from escrow account with Axis Bank, as directed by Supreme Court of India, upon receipt of consideration.

Last month, FTIL sold all rights of its technology platform used to run operations of a power bourse to IEX for Rs 108 crore. The software platform was being exclusively used by the IEX since 2008.

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