You are here: Home » Markets » Features
Business Standard

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.

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: Wed, September 23 2015. 22:41 IST
RECOMMENDED FOR YOU
.