FTIL exits from IEX, sells entire 19.06% stake

Financial Technologies (FTIL) today exited from Indian Energy Exchange (IEX) by selling its entire 19.06 per cent stake in the bourse.
Last month, the company had entered into an amended share purchase agreement with five buyers including DCB Power Ventures and Kiran Vyapar to sell its 19.06 per cent stake in IEX for Rs 409.95 crore.
Of the total, FTIL had last week completed the sale of 13.6 per cent stake in IEX.
In a regulatory filing, Financial Technologies said that the company has concluded the sale of the rest 5.46 per cent equity stake in IEX on fully diluted basis with Agri Power and Engineering Solutions.

"With the conclusion of above transaction, the company has completed the sale of 19.06 per cent stake in IEX on fully diluted basis," it said.
Accordingly, 16,55,557 equity shares has been transferred to Agri Power and Engineering Solutions, it said.

Jignesh Shah-led FTIL has exited from commodity exchange business in India and abroad after the then commodity markets regulator FMC declared the company and the promoter unfit to run the business.
Following the FMC order, Securities and Exchange Board of India (Sebi) had said FTIL is not fit and proper to own stakes in any stock exchange and directed it to divest existing holdings in MCX-SX and four other entities.

Power sector regulator CERC had also issued an order saying decisions of Sebi and FMC have a direct bearing on the power market.