FTIL, MCX shares spurt on Shah stake sale rumour

L&T Infotech, Infosys, Cognizant, RIL and Thomson Reuters, were named as being interested in buying the stake

The shares of Financial Technologies (India) Limited and Multi Commodity Exchange of India rose on Wednesday following rumours of a promoter stake-sale.

FTIL rose 3.2 per cent and MCX by four per cent. L&T Infotech, Infosys and Cognizant, in addition to Reliance Industries and Thomson Reuters,  were the names which did the rounds as being interested in buying the stake of Jignesh Shah, the promoter of FTIL. The company later denied the news.

Earlier, according to sources, Tech Mahindra had shown interest in buying a part of Shah’s stake in FTIL. However, these talks did not result in a deal, leading the company to seek fresh partners for a stake sale. Shah currently has 45.63 per cent stake in FTIL and is looking at offloading 26 per cent, say sources.

FTIL recently said it had appointed a financial advisor on divesting stake in MCX. The former was declared not ‘fit and proper’ by the Forwards Market Commission, the commodity regulator, to be anchor investor in any exchange, after the Rs 5,600 crore National Spot Exchange (NSEL) scam broke out. FTIL owns the spot exchange.

JM Financial had been asked to search for a strategic partner for the MCX stake sale. FTIL is looking at divesting 24 per cent in the commodity exchange. JM Financial has also been asked to oversee a restructuring plan of the company.

The turnover of FTIL shares in on the BSE was Rs 156 crore; of MCX, Rs 160 crore. Meanwhile, Jignesh Shah said MCX and FTIL had reached an agreement for transfer of technology for an annual payment of Rs 70 crore.