 "Financial Technologies surges on stake sale in MCX")
Financial Technologies (India) has surged 7% to Rs 286 on National Stock Exchange after the company announced that it has entered into a share purchase agreement (SPA) to sell its 15% stake in Multi Commodity Exchange (MCX) to Kotak Mahindra Bank for Rs 459 crore.
Financial Technologies (India) Ltd (FTIL) on July 20, 2014, entered into a share purchase agreement (SPA) with Kotak Mahindra Bank Limited for the sale of 15% equity shares of MCX for an aggregate consideration of Rs 459 crore, the company said in a statement.
Post completion of the above said transaction, the FTIL's shareholding in MCX will come down to 5%, which is also under lock-in till March 07, 2015, it added.
However, the deal values MCX at Rs 600 a share, a discount of nearly 24% to Friday's closing price of Rs 783.50 on the National Stock Exchange.
Shares in FTIL opened at Rs 274 and hit a high of Rs 288 on NSE. A combined 629,000 shares changed hands on the counter so far on NSE and BSE. MCX, too, rallied nearly 6% to Rs 830, also its 52-week high, while Kotak Mahindra Bank gained 3% to Rs 967 on NSE.
Financial Technologies (India) Ltd (FTIL) on July 20, 2014, entered into a share purchase agreement (SPA) with Kotak Mahindra Bank Limited for the sale of 15% equity shares of MCX for an aggregate consideration of Rs 459 crore, the company said in a statement.
Post completion of the above said transaction, the FTIL's shareholding in MCX will come down to 5%, which is also under lock-in till March 07, 2015, it added.
However, the deal values MCX at Rs 600 a share, a discount of nearly 24% to Friday's closing price of Rs 783.50 on the National Stock Exchange.
Shares in FTIL opened at Rs 274 and hit a high of Rs 288 on NSE. A combined 629,000 shares changed hands on the counter so far on NSE and BSE. MCX, too, rallied nearly 6% to Rs 830, also its 52-week high, while Kotak Mahindra Bank gained 3% to Rs 967 on NSE.
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