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FTIL shares up nearly 8% on MCX stake sale

PTI 26 Nov 2014, 14:06:39 PM IST

Mumbai: Shares of Financial Technologies India Ltd (FTIL) today climbed nearly 8 per cent in early trade after the company inked a pact with ace investor Rakesh Jhunjhunwala, Edelweiss Financial Services and others to sell its entire 5 per cent stake in MCX-SX for Rs 88.41 crore.

FTIL's scrip surged 7.54 per cent to Rs 194.50 on the BSE.

On the NSE, it gained 7.62 per cent to Rs 194.80.

FTIL has been in trouble ever since the Rs 5,600 crore payment scam surfaced at group firm NSEL in July last year.

The group has started exiting from the exchange business both in India and abroad after commodity markets regulator FMC order in December 2013 declared FTIL and its founder Jignesh Shah as unfit to run any exchanges in view of this scam.

In a statement, the company had yesterday said, "FTIL entered into a 'Share and Warrant Purchase Agreement' with Rakesh Jhunjhunwala and separate 'Warrant Purchase Agreements' with Edelweiss Financial Services" and other investors for sale of its 100 per cent stake in MCX-SX comprising of 2,70,00,000 equity shares and 56,24,60,000 warrants for an aggregate consideration of Rs 88.419 crore."

FTIL has signed separate pacts for sale of equity as well as warrants with investors including Trust Investment Advisors, Viral A. Parikh, Nemish S. Shah HUF, Derive Investments, Kalpraj Dharamshi, Dhanesh Sumatilal Shah, Uday Shah, Madhuri Kela, Renuka Shah, SKS Capital & Research and Madhu Vadera Jayakumar, the statement said.