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Financial Technologies gains on entering into SPA for sale of 100% stake in NBHC

18 Mar 2014

Financial Technologies (India) is currently trading at Rs. 371.25, up by 10.30 points or 2.85% from its previous closing of Rs. 360.95 on the BSE.

The scrip opened at Rs. 357.00 and has touched a high and low of Rs. 371.80 and Rs. 357.00 respectively. So far 53,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 870.30 on 28-May-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. 403.60 and Rs. 357.00 respectively. The current market cap of the company is Rs. 1,710.00 crore.

The promoters holding in the company stood at 45.63% while Institutions and Non-Institutions held 18.85% and 35.43% respectively.

Financial Technologies (India) (FTIL) and all other shareholders of National Bulk Handling Corporation (NBHC) have entered into Share Purchase Agreement (SPA) for sale of 100% equity ownership in NBHC, a subsidiary of the company to IVF Trustee Company, the sole Trustee of India Value Fund IV for a total consideration of Rs 241.74 crore.

The transaction is subject to certain customary closing conditions including the approval of shareholders of FTIL. The transaction is likely to be completed by April 15, 2014 to April 30, 2014 subject to shareholders approval by way of postal ballot.

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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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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