FTGIPL will get $5.77 million for its minority stake of 14.3%
Mumbai: FT Group Investments Pvt. Ltd (FTGIPL) a wholly-owned subsidiary of Financial Technologies India Ltd (FTIL), on Thursday completed the sale of 14.3% stake it held in Dubai Gold and Commodity Exchange (DGCX). The company will get $5.77 million for its minority stake, marking the exit of FTGIPL from the Dubai-based exchange.
DGCX was founded as a 50-50% joint venture between FTIL and Dubai Multi Commodities Centre, owned by the Dubai government.
Mint reported on Thursday that FTIL-DGCX deal announced last week to give a complete exit to the Mumbai-based financial services firm is being criticized by investors, proxy advisors and experts over the low valuation.
FTIL has slowly and steadily been exiting and trimming its stakes, held directly and through its subsidiaries, in various overseas exchanges such as Singapore Mercantile Exchange (SMX), as well as mobile transaction and payment gateway company, ATOM, in the aftermath of the National Spot Exchange Ltd (NSEL) crisis, following a ₹ 5,574.34 crore fraud.