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Financial Tech sells 5% stake in MCX-SX to IFCI

Financial Tech sells 5% stake in MCX-SX to IFCI
PTI
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First Published: Sun, Jul 19 2009. 03 48 PM IST
Updated: Sun, Jul 19 2009. 03 48 PM IST
Mumbai: Financial Technologies India (FTIL) has sold its 5% stake in Multi Commodity Stock Exchange (MCX-SX) to non-banking finance company IFCI through open market transactions for around Rs250 crore.
Financial Tech, a promoter firm of MCX-SX, sold its 5% stake in MCX-SX to IFCI at Rs35 a piece, the company said in a filing to the Bombay Stock Exchange (BSE).
“This sale has been done to comply with the regulatory requirements and is the first divestment of the secondary sale process initiated by the company,” the Financial Tech said.
According to market sources, the value of deal is around Rs250 crore.
Post transaction, the Financial Tech now holds a 42% stake in MCX-SX against a 47% earlier, they said.
Last month, Financial Tech had divested a 6.48% stake through issue of fresh equity to Union Bank of India and Bank of India at a price of Rs10 per share aggregating to Rs87.5 crore.
The sale was a part of its 18% divestment plan with public and private sector banks in the first round of its primary offering.
Further, the holding company of MCX-SX had said it would divest an additional 11.52% stake with other prominent public and private banks.
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First Published: Sun, Jul 19 2009. 03 48 PM IST
More Topics: Financial Tech | MCX-SX | IFCI | Stake | Money Matters |