FTIL rallies 7% on sale of Mauritius-based bourse for Rs 250 crore
At 09:20 a.m.; FTIL was trading 5.5 per cent higher at Rs 192.10. It has hit a low of Rs 186.50 and a high of Rs 194.50 in trade today.
By ET Online | Updated:
NEW DELHI: Financial Technologies Ltd (FTIL) rallied as much as 6.8 per cent in trade on Tuesday, after the company signed a pact to sell its Mauritius-based exchange for $ 40.5 million (about Rs 250 crore) to Continental Africa Holdings Ltd.
FTIL decided to exit the exchange business and focus on its core technology business after the Rs 5,600 crore scam surfaced at its Indian subsidiary NSEL last year.
In a filing to the BSE, Jignesh Shah-led FTIL said the Board of its Mauritius-based subsidiary FT Group Investments Pvt Ltd has "approved the sale of 100 per cent of its stake in Bourse Africa Ltd, Mauritius to Continental Africa Holdings Ltd, Mauritius, for $ 40.5 million".
The Mauritius arm today signed a definitive agreement with Continental Africa Holdings. The deal is subject to certain customary closing conditions. The entire transaction is expected to be completed within the next 210 days, it said.
FTIL decided to exit the exchange business and focus on its core technology business after the Rs 5,600 crore scam surfaced at its Indian subsidiary NSEL last year.
In a filing to the BSE, Jignesh Shah-led FTIL said the Board of its Mauritius-based subsidiary FT Group Investments Pvt Ltd has "approved the sale of 100 per cent of its stake in Bourse Africa Ltd, Mauritius to Continental Africa Holdings Ltd, Mauritius, for $ 40.5 million".
The Mauritius arm today signed a definitive agreement with Continental Africa Holdings. The deal is subject to certain customary closing conditions. The entire transaction is expected to be completed within the next 210 days, it said.
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