Financial Tech rallies over 5% on SMX stake sale to ICE Singapore

MUMBAI: Shares of Financial Technologies ( FTIL) were in action after its wholly-owned subsidiary Financial Technologies Singapore (FTSPL) sold 100 per cent of its equity ownership in SMX to ICE Singapore Holdings Pte 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 utilise the amount towards repayment of outstanding debt towards External Commercial Borrowings and Foreign Currency Loan to banks sub}act to regulatory approvals, if any, pursuant to which FTIL will become debt.

The stock was at Rs 191.20, up 5.46 per cent, on the BSE. It touched a high of Rs 201.40 and a low of Rs 188.70 in trade today.

It has surged 33.37 per cent in the last three sessions from closing price of Rs 151.05 on November 14 to today’s high of Rs 201.40.