You are here: Home » Companies » News
Business Standard

FTIL proposes to loan Rs 50 cr to NSEL

A payment crisis of Rs 5,600 cr unfolded on NSEL trading platform two years ago

BS Reporter  |  Mumbai 

Financial Technologies has proposed to provide additional financial assistance of Rs 50 crore to its crisis ridden subsidiary National Spot Exchange Limited. The FTIL informed this in its filing on the Bombay Stock Exchange.

The assistance can be in the nature of loan or equity infusion. A payment crisis of Rs 5,600 crore unfolded on NSEL trading platform two years ago. FTIL said, “NSEL has requested for financial support for its ongoing activities like recovering money from defaulting members, defending various legal cases and for working capital.”

FTIL has placed this proposal apart from eight other proposals for approval before shareholders through postal ballot. It may be recalled that after NSEL crisis FTIL exited from the exchange business, which was its main business apart from technology-related business.

Now the company is implementing the third phase of its business strategy, which is investing in in 10 identified sectors and develop technologies for the same. FTIL stock closed 2.25% higher at Rs 152 today on BSE.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, August 03 2015. 20:07 IST
RECOMMENDED FOR YOU
.