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FTIL sells 2.46% more stake in energy exchange

Sold to group of five buyers for Rs 52.9 cr

BS Reporter  |  Mumbai 

FTIL sells 2.46% more stake in energy exchange

Financial Technologies (India) is to sell 2.46 per cent additional stake in Indian Energy Exchange (IEX) to a group of five buyers, for Rs 52.9 crore.

It told the BSE exchange it had entered into a share purchase agreement with the group on June 18 for selling 16.60 per cent (5.03 million shares) stake for Rs 357 crore. The shares for sale to these five has since been raised to 19.06 per cent (5.78 million shares), with a proportionate increase in realisation to almost Rs 410 crore.

The five buyers are DCB Power Ventures, Kiran Vyapar, Agri Power and Engineering, Aditya Birla Capital Advisors (trustee to Aditya Birla Private Equity Fund-I) and Aditya Birla Capital Advisors (trustee to the Aditya Birla Private Equity Sunrise Fund).

This transaction will be subject to fulfillment of certain customary conditions. The shares will be transferred to the purchasers from an escrow account with Asix Bank, as directed by the Supreme Court in an earlier order. On completion, FTIL will have 6.58 per cent of remaining stake in IEX in the said escrow account.

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First Published: Wed, September 23 2015. 22:41 IST