 "MCX concludes revised tech deal with FTIL")
Multi Commodity Exchange of India (MCX) and its former promoter Financial Technologies (India), or FTIL, concluded the renegotiation of technology supply agreement on Thursday.
MCX has informed the Bombay Stock Exchange (BSE) the company’s board of directors has approved the amendment to the principal agreements to be entered into between MCX and FTIL, to avail technology support and managed services.
Renegotiated terms have not been mentioned in the filing to the BSE.
FTIL, too, approved the revision in technology agreement at its board meeting on Thursday. In a filing to the BSE, FTIL said: “By entering into the revised agreement, the companies have completed all the condition precedents of share purchase agreement with Kotak Mahindra Bank Limited as disclosed on July 20, 2014.”
MCX has informed the Bombay Stock Exchange (BSE) the company’s board of directors has approved the amendment to the principal agreements to be entered into between MCX and FTIL, to avail technology support and managed services.
Renegotiated terms have not been mentioned in the filing to the BSE.
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The renegotiated agreement has several implications, because, with this, MCX’s technology cost will come down and the deal between Kotak Mahindra Bank and FTIL could also be signed soon. Renegotiating technology agreement was one of the key conditions in the share purchase agreement between the two. MCX will now be able to launch contracts up to March 2015, once the deal concluded on Thursday is signed.
FTIL, too, approved the revision in technology agreement at its board meeting on Thursday. In a filing to the BSE, FTIL said: “By entering into the revised agreement, the companies have completed all the condition precedents of share purchase agreement with Kotak Mahindra Bank Limited as disclosed on July 20, 2014.”