FTIL announces paring of stake in MCX-SX

Financial Technologies India Ltd (FTIL) has announced completion of transfer of shares and warrants in the MCX Stock Exchange to investors, including Rakesh Jhunjhunwala.

Investor agreements have been also been tweaked and some warrants have been transferred to an escrow account, according to an exchange notification. It said FTIL transferred a total of 27.1 million equity shares to Jhunjhunwala.

It also transferred 384.8 million warrants to other investors, who have converted these into shares. One investor SKS Capital & Research “expressed its inability to purchase the warrants”. The agreement to do so was accordingly terminated. Meanwhile, another investor, Uday Shah, agreed to purchase an extra five million warrants.

“The balance 172,660,000 warrants will be transferred to escrow agent…and the said warrants will be transferred to the investors from the escrow account according to the terms and conditions of the escrow agreement,” said the statement.