Financial Technologies gains over 6% on sale of technology platform to IEX for Rs 108 cr

NEW DELHI: Shares of Financial Technologies (India) Ltd gained over 6 per cent in trade on Tuesday, after the company said that it has sold all rights of its technology platform used to run operations of a power bourse to Indian Energy Exchange ( IEX) for a total consideration of Rs 108 crore.

The stock hit a day's high of Rs 125.80, up 6.38 per cent, on the BSE.

The Company has executed a Perpetual License Agreement with IEX for granting license of the application software PowerARMS DAM, PowerARMS TAM & REC, Back Office and SLDC software installed in India along with source code to IEX exclusively for its internal use and to exploit and modify the same for any further development including trading from worldwide for the purpose defined in the said Agreement, for an aggregate one-time license fee of Rs 108 crores, the company said in a filing to BSE.

The said license is perpetual, irrevocable, non-transferable and non-assignable. Further, the conclusion of the said agreement is subject to completion of customary conditions precedent, the statement added.