Uday Kotak eyes FT’s 15 per cent stake in Indian Energy Exchange

Uday Kotak is said to be eyeing more buying opportunity in the scam-hit Financial Technologies, sources with direct knowledge share that Kotak Mahindra Bank is interested in picking 15 per cent stake in Indian Energy Exchange.

Financial Technologies may be expecting a valuation of Rs 1,700 crores for its power trading arm, Indian Energy Exchange. Jignesh Shah’s FT may garner close to Rs 400 cr by selling it’s holding in IEX.

Sources said that a clutch of domestic private equity funds are also in the fray to buy the residual stake. Regulations permits PEs to buy up to 5per cent stake in IEX.

Financial Technologies has put on the block its 24.89per cent stake in IEX and has appointed Axis Capital to run the process, a source said. Kotak Bank recently bought FT’s 15per cent in MCX for Rs 459 cr. Kotak Mahindra Group’s reply to an e-mail query sent by ET NOW said, “No comment."