FTIL seeks shareholders nod for sale of NBHC

Financial Technologies (FTIL) today sought shareholders' approval for sale of its subsidiary National Bulk Handling Corporation (NBHC).
Last week the company had said: "FTIL and all other shareholders of NBHC have entered into a share purchase agreement for sale of 100 per cent equity ownership in NBHC, a subsidiary of the company, to IVF Trustee Company, the sole trustee of India Value Fund IV for a total consideration of Rs 241.74 crore."
"..Seeking your consent, to pass the proposed resolution as Special Resolution through Postal Ballot for sale of business undertakings or shares or investments held by FTIL in NBHC," the company said in a BSE filing.

The company runs several exchanges, including the the country's largest commodity exchange MCX and the stock exchange MCX-SX.
The transaction between FTIL and India Value Fund is likely to be completed between April 15-30, subject to shareholders approval by way of postal ballot.
India Value Fund Advisors was established in 1999 by Vishal Nevatia.
Its four separate investment funds have a combined corpus of over USD 1.2 billion. It it is investing out of IVF-IV, which has a corpus of USD 600 million. Since inception, it has invested in 26 companies.
NBHC is an integrated commodity and collateral management company, providing complete solutions in commodity and collateral management along with its stakeholders, FTIL and MCX. It manages 569 storage facilities (warehouses and cold storages) across the country with over 1.47 million tonne capacity.