Financial Technologies (India) (FTIL) has entered into a Share Purchase Agreement (SPA) for sale of 25.64% equity stake on a fully diluted basis in Indian Energy Exchange (IEX) for an aggregate consideration of Rs 576.84 crore. Post completion of the above said transaction, the company would have completely exited IEX.
The company has entered into SPA with TVS Shriram Growth Fund 1, S. Gopalkrishnan, Lakshmi Narayanan, Rajeev Gupta, Dalmia Cement Bharat Power Ventures, Kiran Vyapar, TVS Capital Funds and Agri Power and Engineering Solutions.
The said transaction is subject to fulfillment of certain condition precedents including buyout of the application software and other technology for its own use only by IEX and regulatory approvals, if any. As per the SPA, the transaction will close within 30 days, unless extended by all the parties.
Financial Technologies is a flagship company of the Financial Technologies Group. It provides technology solutions and domain expertise for digital transactions and financial markets across all asset class including equity, commodities, currency and debt.