New Delhi: Financial Technologies India Ltd (FTIL) on Wednesday said it has completed the sale of 11 per cent stake in Indian Energy Exchange (IEX) to DCB Power Ventures and Kiran Vyapar.
With this, the company has completed the sale of a 13.60 per cent stake in IEX, on a fully diluted basis.
Last month, the company entered into an amended share purchase agreement with five buyers including DCB Power Ventures and Kiran Vyapar, to sell its 19.06 per cent stake in IEX for Rs 409.95 crore.
In a filing to the BSE, Financial Technologies (India) (FTIL) said, "The Company has concluded the sale of 11 per cent equity stake in IEX on fully diluted basis, with DCB Power Ventures Ltd and Kiran Vyapar Ltd."
Accordingly, 33,36,149 equity shares have been transferred to these two buyers from the escrow account with Axis Bank.
Jignesh Shah-led FTIL has exited from commodity exchange business in India and abroad after the then commodity markets regulator FMC (Forward Markets Commissions) declared the company and the promoter unfit to run the business.
Following the FMC order, capital market regulator Sebi (Securities and Exchange Board of India) 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.
In that ruling, CERC had mentioned that "regulatory objectives of the power exchanges are similar to that of the commodity and stock exchanges in so far as the investor/consumer protection, market integrity, transparency, fairness and governance are concerned".
With this, the company has completed the sale of a 13.60 per cent stake in IEX, on a fully diluted basis.
Last month, the company entered into an amended share purchase agreement with five buyers including DCB Power Ventures and Kiran Vyapar, to sell its 19.06 per cent stake in IEX for Rs 409.95 crore.
In a filing to the BSE, Financial Technologies (India) (FTIL) said, "The Company has concluded the sale of 11 per cent equity stake in IEX on fully diluted basis, with DCB Power Ventures Ltd and Kiran Vyapar Ltd."
Accordingly, 33,36,149 equity shares have been transferred to these two buyers from the escrow account with Axis Bank.
Jignesh Shah-led FTIL has exited from commodity exchange business in India and abroad after the then commodity markets regulator FMC (Forward Markets Commissions) declared the company and the promoter unfit to run the business.
Following the FMC order, capital market regulator Sebi (Securities and Exchange Board of India) 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.
In that ruling, CERC had mentioned that "regulatory objectives of the power exchanges are similar to that of the commodity and stock exchanges in so far as the investor/consumer protection, market integrity, transparency, fairness and governance are concerned".
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