Financial Technologies (India) updates on sale of stake in MCX Stock Exchange

On 24 December 2014

Financial Technologies (India) announced about the following:

1. 2,71,65,000 equity shares of MCX-SX were transferred to Dr. Rakesh Jhunjhunwala and consideration has been received;

2. the 38,48,00,000 warrants has been transferred in the name of investors and the investors have converted the said warrants into equity shares and accordingly the Company has received the consideration;

3. one of the investor, SKS Capital & Research have expressed its inability to purchase the warrants and accordingly both the parties agreed to terminate the Agreement;

4. one of the investor, Uday Shah has agreed to purchase additional 50,00,000 warrants, accordingly the amendment to Warrant Purchase Agreement (WPA) has entered into between the parties subject to other terms and conditions of WPA will remain same;

 

5. the balance 17,26,60,000 warrants will be transferred to Escrow Agent in terms of WPA and the said warrants will be transferred to the investors from the Escrow Account as per terms & conditions of Escrow Agreement.

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