Financial Technologies sells 1019000 shares of MCX

Financial Technologies (India) Ltd has sold 10,19,000 equity shares of MCX in the market. The Company continues the discussions on disinvestment with the prospective buyers and on reaching a definitive offer, the Company may consider the disinvestment to such bidders.

The Company had started the divestment process in the month of March 2014 for divesting its 24% stake in MCX and had appointed JM Financials as an investment banker for the same. Due to the process of divestment getting delayed as a result of the publishing of revised norms by FMC, publishing of PwC special audit report without giving an opportunity to FTIL amongst the reasons for delay, the Company, without prejudice to its legal rights, had decided to divest shares that are not locked in and hence had sold these on the floor of the Exchange.

In terms of Regulation 36 of ICDR Regulations, equity shares representing 20% of the post-offer equity share capital of MCX held by FTIL is locked in as Promoters' contribution till March 2015. Any disinvestment out of this 20% will need to comply with the Regulations.

Post selling, the Company's holding in MCX has come down from 26% to 24.02%.

Shares of FINANCIAL TECHNOLOGIES (INDIA) LTD. was last trading in BSE at Rs.255.05 as compared to the previous close of Rs. 259.25. The total number of shares traded during the day was 220781 in over 8341 trades.

The stock hit an intraday high of Rs. 266.8 and intraday low of 251.85. The net turnover during the day was Rs. 57589680.

Source : Equity Bulls

Keywords