FTIL surges on stake sale in MCX-SX

Financial Technologies (India) jumped 4.53% to Rs 189.05 at 9:52 IST on BSE after the firm said it has entered into share and warrant purchase pacts with entities for sale of its 100% stake in MCX-SX for an aggregate consideration of Rs 88.41 crore.

The announcement was made before market hours today, 26 November 2014.

Meanwhile, the S&P BSE Sensex was up 9.06 points or 0.03% at 28,346.39.

On BSE, so far 1.49 lakh shares were traded in the counter as against average daily volume of 2.19 lakh shares in the past two weeks.

The stock hit a high of Rs 194.50 and a low of Rs 187.15 so far during the day.

Financial Technologies (India) (FTIL) said it has entered into a share and warrant purchase agreement with Dr. Rakesh Jhunjhunwala and separate warrant purchase agreements with Edelweiss Financial Services, Trust Investment Advisors, Ms. Viral A. Parikh, Nemish S. Shah H.U.F., Derive Investments, Mr. Kalpraj Dharamshi, Mr. Dhanesh Sumatilal Shah, Mr. Uday Shah, Ms. Madhuri Kela, Ms. Renuka Shah, SKS Capital & Research and Ms. Madhu Vadera Jayakumar for sale of its 100% stake in MCX-SX comprising of 2.70 crore equity shares and 56.24 crore warrants for an aggregate consideration of Rs 88.41 crore. The said transaction is subject to fulfillment of certain condition precedents including regulatory approvals. Post completion of the above said transaction, the company would have completely exited MCX-SX, FTIL said.

FTIL's net profit surged 1111.8% to Rs 327.42 crore on 505.1% growth in total income to Rs 1052.44 crore in Q2 September 2014 over Q2 September 2013.

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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