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Financial Technologies spurts on subsidiary selling 100% stake in SMX for $150 million

19 Nov 2013

Financial Technologies (India) is currently trading at Rs. 186.60, up by 5.30 points or 2.92% from its previous closing of Rs 181.30 on the BSE.

The scrip opened at Rs. 191.00 and has touched a high and low of Rs 201.40 and Rs 183.50 respectively. So far 2154631 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 1197.90 on 21-Jan-2013 and a 52 week low of Rs 102.05 on 30-Aug-2013.

Last one week high and low of the scrip stood at Rs 181.30 and Rs 146.60 respectively. The current market cap of the company is Rs 866.28 crore.

The promoters holding in the company stood at 45.63% while Institutions and Non-Institutions held 17.61% and 36.54% respectively.

Financial Technologies' wholly owned subsidiary - Financial Technologies Singapore (FTSPL) has sold 100% of its equity ownership in SMX (together with its wholly owned subsidiary SMX CC) to ICE Singapore Holdings, an entity owned by the Intercontinental Exchange Group, Inc. for $150 million. The transaction was approved by the board of directors of FTSPL and FTIL on November 18, 2013 with signing of definitive agreements and is subject to certain customary closing conditions and approvals.

FTIL will primarily utilize the amount towards repayment of outstanding debt towards External Commercial Borrowings (ECB) and Foreign Currency Loan (FCL) to Banks subject to regulatory approvals, if any, pursuant to which FTIL will become debt/lien-free.

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.

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