Financial Technologies (FTIL) today said it has completed sale of 19.06 percent stake in the Indian Energy Exchange (IEX) and is in the process of divesting the remaining 6.58 percent stake in the bourse. "After the sale of 19.06 percent stake in IEX, FTIL still holds 6.58 percent," the company said in a statement. For the remaining stake in electricity exchange IEX, the company had earlier this week entered into a share purchase agreement with Madison India Opportunities III for sale of 1.58 percent stake.
Jignesh Shah-led FTIL has exited from commodity exchange business in India and abroad after erstwhile commodity markets regulator FMC declared the company and the promoter unfit to run the business. Following the FMC order, 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. Power sector regulator CERC had also issued an order saying decisions of Sebi and FMC have a direct bearing on the power market.
IEX is a leading electricity exchange in India.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
