FTIL To Sell Mauritius-based Bourse

Financial Technologies (India) (FTIL) today announced its decision to sell its 100 per cent of its stake in Bourse Africa, Mauritius to Continental Africa Holdings (CAHL), Mauritius for USD 40.5 million. The share of FTIL was trading up by almost 5 per cent after the announcement.

The company’s subsidiary FT Group Investments Pvt. Ltd. Mauritius signed definitive agreement with CAHL to buy the stake. However, the deal will be subject to certain approvals in Mauritius and in India, as may be applicable. The company is expecting to complete the transaction within the next 210 days.

Earlier, FTIL entered into a Share Purchase Agreement (SPA) with M/s. TVS  Shriram Growth Fund 1, Mr. S. Gopalkrishnan, Mr. Lakshmi Narayanan, Mr. Rajeev Gupta, M/s. Dalmia Cement Bharat Power Ventures, M/s. Kiran Vyapar, M/s. TVS Capital  Funds, and M/s. Agri Power and Engineering Solutions for sale of 25.64 per cent equity stake in IEX for an aggregate consideration of Rs 576.84 crores. Post completion of the transaction, the company would have completely exited IEX.

The company was facing various setbacks during past one year. We advice our readers to stay away from this stock as the company is still struggling to come out of the NSEL scam.