Financial Technologies India (FTIL) has entered into a new share purchase agreement with four companies to sell 16.6% stake in Indian Energy Exchange (IEX) for Rs 357.06 crore. The earlier agreement that was signed on November 5, 2014 ‘stands terminated’ and the new agreement will be closed within 60 days, subject to certain technology-related conditions and regulatory approvals.
FTIL is divesting its stake in IEX following the direction from regulator Central Electricity Regulatory Commission’s (CERC) in May last year in the wake of the Rs 5,600 crore payment scam at FTIL's group firm NSEL.
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.