 "FTIL sells 27.3% stake in Dubai exchange to its promoter at Rs 74.8-cr")
Financial Technologies has entered into a share purchase agreement with Dubai Multi Commodities Centre (DMCC) for sell of FTIL's 27.3% stake in Dubai Gold and Commodities Exchange (DGCX) at an enterprise value of Rs 274 crore.
Thus, FTIL will get a net realisation of Rs 74.8 crore. DMCC had jointly promoted exchange along with FTIL. The agreement was signed in two parts, said FTIL in a statement.
While FTIL sold its 13% stake in DGCS to DMCC at $ 5.23 million, its Mauritius based wholly-owned subsidiary FT Group Investments Pvt. Ltd (FTGIPL) sold 14.3% stake in the same at a total deal value of $ 5.78 million.
These transactions, however, are subject to fulfillment of certain conditions including regulatory approvals, if any. Post completion of the above said transaction, FTGIPL would be completely exiting DGCX.
