Financial Technologies (India) or FTIL has surged over 8% at Rs 197, extending its previous day’s 20% rally, after the company said its wholly owned subsidiary is planning to sell its entire stake in Singapore Mercantile Exchange Pte, Ltd (SMX) to ICE Singapore Holdings Pte. for $150 million (approx Rs 930 crore).
The company will primarily utilize the amount towards repayment of outstanding debt towards External Commercial Borrowings (ECB) and Foreign Currency Loan (FCL) to banks, pursuant to which FTIL will become debt/lien-free, FTIL said in a statement.
The stock opened at Rs 191 and touched a high of Rs 201 in early morning deals on BSE. A combined around one million shares have changed hands on the counter till 0920 hours on BSE and NSE.
On November 18, Financial Technologies Singapore Pte. Ltd., (FTSPL), a wholly owned subsidiary of FTIL, announced the sale of 100% of its equity ownership in SMX (together with its wholly owned subsidiary SMX CC) to ICE Singapore Holdings Pte. Ltd., an entity owned by the Intercontinental Exchange Group, Inc. for US$150 million.
The board of directors of FTSPL and FTIL has already approved the transaction with signing of definitive agreements and is subject to certain customary closing conditions and approvals.
The company will primarily utilize the amount towards repayment of outstanding debt towards External Commercial Borrowings (ECB) and Foreign Currency Loan (FCL) to banks, pursuant to which FTIL will become debt/lien-free, FTIL said in a statement.
The stock opened at Rs 191 and touched a high of Rs 201 in early morning deals on BSE. A combined around one million shares have changed hands on the counter till 0920 hours on BSE and NSE.
On November 18, Financial Technologies Singapore Pte. Ltd., (FTSPL), a wholly owned subsidiary of FTIL, announced the sale of 100% of its equity ownership in SMX (together with its wholly owned subsidiary SMX CC) to ICE Singapore Holdings Pte. Ltd., an entity owned by the Intercontinental Exchange Group, Inc. for US$150 million.
The board of directors of FTSPL and FTIL has already approved the transaction with signing of definitive agreements and is subject to certain customary closing conditions and approvals.
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