Financial Technologies (India) (FTIL) has entered into a Share Purchase Agreement (SPA) to sell 15% stake in MCX to Kotak Mahindra Bank (KMBL) for a total consideration of Rs 459 crore. The above is subject to certain conditions to be fulfilled including regulatory approvals prior to closing of the transaction.
FTIL had committed to divest its holding in MCX. This transaction culminates majority of the divestment process initiated by FTIL since February 27, 2014. FTIL had appointed a restructuring committee to oversee this process, which appointed JM Financials as its investment banker and lean as advisor. Despite many challenges, since the initiation of the divestment process, FTIL was successful in generating and negotiating a binding offer from one of India’s largest private sector banks, KMBL, thereby endorsing the credentials of a strong world class institution promoted by FTIL.
FTIL will continue with its divestment process to sell the balance 5% stake subject to the receipt of binding bids and all regulatory and other approvals.
Company Name | CMP |
---|---|
TCS | 3827.45 |
Infosys | 1411.60 |
HCL Tech. | 1450.00 |
Wipro | 452.85 |
Tech Mahindra | 1193.75 |
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