FTIL sells 11% stake to exit Indian Energy Exchange

The company concluded its 3.34 mn shares sale on fully diluted basis to DCB Power Ventures and Kiran Vyapar

Financial Technologies (India), or FTIL, has sold its remaining equity stake of 11 per cent in Indian Energy Exchange (IEX) for an undisclosed sum. With this, the company has completed sale of its entire stake and exited from IEX, complying with a Supreme Court’s direction.

According to informed sources, the firm concluded its 3.34-million shares sale on a fully diluted basis to DCB Power Ventures and Kiran Vyapar and the said quantity of shares were transferred to these purchasers from the escrow account.

On October 7, the company had announced the sale of 2.6 per cent additional stake in IEX to Aditya Birla Capital Advisors (for and on behalf of Aditya Birla Trustee Company, Trustees to the Aditya Birla Private Equity Fund I), and Aditya Birla Capital Advisors (for and on behalf of Aditya Birla Trustee Company, Trustees to the Aditya Birla Private Equity Sunrise Fund). Accordingly, 788,544 equity shares have been transferred to the two purchasers from an escrow account with Axis Bank.