FTIL gains after completing 11% stake sale in IEX

Financial Technologies (India) rose 1.41% to Rs 115.20 at 9:21 IST on BSE after the company said it has completed the sale of 11% stake in Indian Energy Exchange to DCB Power Ventures and Kiran Vyapar.

The announcement was made after market hours yesterday, 14 October 2015.

Meanwhile, the BSE Sensex was up 161.91 points, or 0.60%, to 26,941.57.

On BSE, so far 16,000 shares were traded in the counter, compared with an average volume of 1.31 lakh shares in the past one quarter.

The stock hit a high of Rs 116.70 and a low of Rs 115 so far during the day. The stock hit a 52-week high of Rs 239 on 4 December 2014. The stock hit a 52-week low of Rs 98.30 on 4 September 2015.

The stock had underperformed the market over the past one month till 14 October 2015, sliding 4.22% compared with 3.57% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 26.46% as against Sensex's 4.13% decline.

The small-cap company has an equity capital of Rs 9.22 crore. Face value per share is Rs 2.

Financial Technologies (India) (FTIL) said that it has concluded the sale of 11% equity stake in Indian Energy Exchange (IEX) on fully diluted basis, with DCB Power Ventures and Kiran Vyapar. Accordingly 33.36 lakh equity shares has been transferred to the two purchasers from the Escrow Account with Axis Bank. With the conclusion of the transaction, the company has completed the sale of 13.60% stake in IEX, on fully diluted basis, Financial Technologies (India) said.

Last month, FTIL entered into an amended share purchase agreement with five buyers including DCB Power Ventures and Kiran Vyapar, to sell its 19.06% stake in IEX for Rs 409.95 crore.

FTIL reported net loss of Rs 34.15 crore in Q1 June 2015 as against net profit of Rs 128.25 crore in Q1 June 2014. Net sales declined 19.70% to Rs 34.73 crore in Q1 June 2015 over Q1 June 2014.

FTIL is among the global leaders in offering technology IP (Intellectual Property) and domain expertise to create and trade on next generation financial markets. It is a global leader in creating and operating next-generation tech-centric financial exchanges.

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