FTIL sells NBHC for Rs 242 cr

Jignesh Shah-ld Financial Technologies, which faces a CBI probe, today said it will sell National Bulk Handling Corporation (NBHC) for a consideration of Rs 241.74 crore.
The company, which runs several exchanges, including the the country's largest commodity exchange MCX and the stock exchange MCX-SX, today informed exchanges that the decision to sell its stake in NBHC follows the listing agreement of its exchanges, especially the equity exchange MCX-SX.
"Financial Technologies 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," Financial Technologies said in a late evening filing to exchanges.

The transaction is subject to certain customary closing conditions including the approval of shareholders, it said.
The transaction is likely to be completed between April 15-30, subject to shareholders approval by way of postal ballot, it added.
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.

Meanwhile, CBI today resumed questioning of NSEL promoter Jignesh Shah in connection with a case registered against him for allegedly cheating and causing a loss of over Rs 120 crore to public sector undertaking PEC.
NSEL was floated by Financial Technologies.
CBI sources said Shah was grilled at its Mumbai office in connection with the scam during which he was asked a number of questions about the arrangements entered with the PEC.