FTIL Surges 6% post announcement of 3% stake sale in IEX

NEW DELHI: Shares of Financial Technology India gained over 6 per cent in Tuesday's trade after the company announced that it would sell 3.63 per cent stake in Indian Energy Exchange for Rs 100 crore with agreements reached with two parties for the deal.

The development saw the scrip surge 7.57 per cent to hit a high of Rs 105.75 on BSE.

In a filing to the BSE, FTIL said it has entered an agreement with SG BRIC III Trading for sale 1.61 per cent stake sale for Rs 34.64 crore and with Singuler Guff NJDM Investment Holdings for sale of 3.02 per cent stake for Rs 64.99 crore. Post sale, FTIL's stake in the exchange will reduce to 0.37 per cent.

The Indian Energy Exchange is the largest power trading exchange. FTIL had around 26 per cent stake in IEX. Power sector regulator CERC had ordered Jignesh Shah-led FTIL to divest its entire stake in the power exchange.

The move followed the then commodity markets regulator FMC declaring FTIL and the promoter unfit to run the exchange business following a payment crisis at its subsidiary NSEL.