Financial Technologies rallies over 7% on stake sale reports in MCX-SX

NEW DELHI: Financial Technologies Ltd surged as much as 7.5 per cent in trade on Wednesday, after it inked a pact with ace investor Rakesh Jhunjhunwala, financial major Edelweiss and others to sell its entire five per cent stake in MCX-SX stock exchange for Rs 88.41 crore.

At 1:21 pm, the stock was at Rs 190.75; up 5.47 per cent. It hit a low of Rs 187.15 and a high of Rs 194.50 in trade today.

FTIL has been in trouble ever since the Rs 5,600 crore payment scam surfaced at group firm NSEL in July last year.

The group has started exiting from the exchange business both in India and abroad after commodity markets regulator FMC order in December 2013 declared FTIL and its founder Jignesh Shah as unfit to run any exchanges in view of this scam, said a PTI report.

In a statement, the company said, "FTIL today entered into a 'Share and Warrant Purchase Agreement' with Rakesh Jhunjhunwala and separate 'Warrant Purchase Agreements' with Edelweiss Financial Services" an other investors for sale of its 100 per cent stake in MCX-SX comprising of 2,70,00,000 equity shares and 56,24,60,000 warrants for an aggregate consideration of Rs 88.419 crore."