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Financial Tech signs pact to sell Mauritius-based bourse for Rs 250 cr

PTI 18 Nov 2014, 10:24:31 AM IST
PTI

New Delhi: Financial Technologies (India) Ltd (FTIL) on Monday said it has signed a pact to sell its Mauritius-based exchange for $40.5 million (about Rs 250 crore) to Continental Africa Holdings Ltd.

FTIL decided to exit the exchange business and focus on its core technology business after the Rs 5,600 crore scam surfaced at its Indian subsidiary NSEL last year.

In a filing to the BSE, Jignesh Shah-led FTIL said the Board of its Mauritius-based subsidiary FT Group Investments Pvt Ltd has “approved the sale of 100 per cent of its stake in Bourse Africa Ltd, Mauritius to Continental Africa Holdings Ltd, Mauritius, for $40.5 million”.

The Mauritius arm today signed a definitive agreement with Continental Africa Holdings. The deal is subject to certain customary closing conditions. The entire transaction is expected to be completed within the next 210 days, it said.

Bourse Africa is an international multi-asset class exchange that offers trading on commodity derivatives, African and global currency derivatives.

In past few months, FTIL has exited from MCX and IEX. It has sold its entire 26 per cent stakes in the commodity bourse MCX for about Rs 900 crore and also sold nearly 26 per cent stake in IEX for Rs 576.84 crore.

Earlier this year, it had sold its stake in National Bulk Handling Corp for Rs 242 crore.

FTIL has been exiting the exchange business after commodity markets regulator FMC in December last year declared it to be unfit to run any exchanges in view of the NSEL payment crisis.