FTIL sells 27.3% stake in Dubai Gold Exchange for $11 mn

Financial Technologies has exited Dubai Gold Exchange by selling its 27.3 per cent stake for USD 10 million (about Rs 75 crore) to Dubai Multi Commodities Centre (DMCC).
In two separate transactions, Financial Technologies (India) Ltd and its wholly-owned subsidiary FT Group Investments Pvt Ltd, Mauritius (FTGIPL) would be selling the stake.
FTIL and FTGIPL will sell 13 per cent and 14.3 per cent stakes, respectively.
In two different regulatory filings, the company informed that it has sold its 27.3 per cent stake in Dubai Gold and Commodities Exchange (DGCX) for USD 11 million.
"Financial Technologies (India) Ltd. (FTIL) today, entered into a Share Purchase Agreement with Dubai Multi Commodities Centre (DMCC) for sale of its 13 per cent stake in DGCX for an aggregate consideration of USD 5,225,000," the company said in a filing.

In another filing the company said it has entered into a share purchase agreement for sale of 13 per cent stake in the DGCX to DMCC for USD 5.25 million.

Post completion of the transactions, the company would be completely exiting Dubai Gold and Commodities Exchange (DGCX), it added.
In November, the company had concluded the sale of its stake in IEX.
The Jignesh Shah-led Financial Technologies (India) Ltd had nearly 26 per cent stake in the largest power trading exchange, IEX, but started divesting in the bourse following an order by power regulator CERC to sell out completely.
The move followed the erstwhile regulator FMC declaring FTIL and the promoter unfit to run exchange business following the payment crisis at its subsidiary, NSEL.

Similarly, the 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.