63 Moons hits 5% upper circuit on settling NSEL payments crisis case

63 Moons Technologies shares hit 5 per cent on BSE at Rs 759.5 per share. The stock gained after the company reached a settlement agreement with investors of the National Spot Exchange (NSEL) in the 2013 NSEL payments crisis case, as per reports. The company will pay Rs 1,950 crore as a one-time settlement to resolve the matter.

 

Around 11:57 AM, 63 Moons Technologies share price was up 5 per cent at Rs 759.5 per share on BSE. In comparison, the BSE Sensex was up 0.07 per cent at 74,388.85. The market capitalisation of the company stood at Rs 3,499.66 crore. The 52-week high of the stock was at Rs 1,079.85 per share and the 52-week low was at Rs 313.9 per share. 

 

As per NSEL Investors Forum, the agreement states that 63 Moons will make the payment in a complete and final settlement with the investors. 

 

In exchange, the investors will transfer their claims against defaulters and third parties to 63 Moons. The forum also revealed that the majority of investors approved the deal. 

ALSO READ: 63 Moons agrees to one-time settlement of Rs 1,950 crore in NSEL matter

 

Further, National Company Law Tribunal (NCLT) has been submitted a formal settlement application. Besides, to oversee the disbursement of funds to the investors and ensure transparency, an escrow agent and monitoring authority will be appointed.

 

This deal will relieve the 63 Moons organisation from current legal actions while allowing investors to recover a portion of their losses, although at a reduced rate.   

 

This settlement will release the 63 Moons group from ongoing legal proceedings while enabling investors to recover a portion of their dues, albeit at a haircut.

 

63 Moons Technologies provides next-generation technology ventures, innovations, platforms, and solutions for creating digital markets and marketplaces that enable price discovery and transaction efficiencies across industry segments. Their focus has been towards providing technology solutions, building user-friendly financial platforms, and creating digital marketplaces in India and abroad, thus taking India to the international markets.  ALSO READ: Here's why Brigade Enterprises share price jumped 4% in trade on March 7

 

Their innovative exchanges include Multi Commodity Exchange of India Limited (MCX)*, Singapore Mercantile Exchange (SMX)*, Indian Energy Exchange Ltd. (IEX)*, Dubai Gold and Commodities Exchange (DGCX)* and Bourse Africa Limited (erstwhile Global Board of Trade); which are amongst the most respected institutions in their respective regions.

 

In the past one year, 63 Moons shares have gained 63 per cent against Sensex's rise of 0.29 per cent. 

ALSO READ: 63 Moons agrees to one-time settlement of Rs 1,950 crore in NSEL matter