FTIL surges as its arm receives approval to sell 100% stake in Bourse Africa, Mauritius

18 Nov 2014

Financial Technologies (India) is currently trading at Rs. 191.00, up by 8.95 points or 4.92% from its previous closing of Rs. 182.05 on the BSE.

The scrip opened at Rs. 186.50 and has touched a high and low of Rs. 194.50 and Rs. 186.50 respectively. So far 1,06,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 403.60 on 10-Mar-2014 and a 52 week low of Rs. 135.75 on 22-Oct-2014.

Last one week high and low of the scrip stood at Rs. 196.80 and Rs. 175.90 respectively. The current market cap of the company is Rs. 880.00 crore.

The promoters holding in the company stood at 45.63% while Institutions and Non-Institutions held 18.15% and 36.22% respectively.

Financial Technologies (India)’s (FTIL) - wholly owned subsidiary - FT Group Investments, Mauritius (FTGIPL) has received board approval for sale of 100% of its stake in Bourse Africa, Mauritius together with its wholly owned subsidiary Bourse Africa Clear to Continental Africa Holdings (CAHL), Mauritius, for $40.5 million, subject to certain approvals in Mauritius and in India, as may be applicable.

FTGIPL has signed a definitive agreement with CAHL on November 17, 2014, subject to certain customary closing conditions. The entire transaction is expected to be completed within the next 210 days.

Pursuant to this deal, it will be the fourth exchange and the fifth company sold by FTIL in 10 months, raising Rs 2,900 crore in all. It sold Singapore Mercantile Exchange in February for Rs 931 crore, then National Bulk Handling Corporation, a collateral management company, for Rs 242 crore. In July, it exited Multi Commodity Exchange, raising Rs 900 crore.

Early this month, it entered into an agreement to sell Indian Energy Exchange for Rs 577 crore. It still has stake in MCX Stock Exchange, Dubai Gold and Commodities Exchange and Bahrain Financial Exchange.

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