Mumbai: Jignesh Shah promoted Financial Technologies (FTIL) on Sunday announced that it has entered into a share purchase agreement with Kotak Mahindra Bank to sell its 15 per cent stake in Multi Commodity Exchange (MCX) for a total consideration of Rs 459 crore. The deal is subject to necessary regulatory approvals.
FTIL currently holds 26 per cent stake in MCX. The stake sale comes in the backdrop of the Rs 5,600 crore payment crisis at NSEL, another commodity exchange promoted by Mr Shah following which the Forward Markets Commission directed MCX to ensure that FTIL reduces its stake in the exchange to two per cent.
Financial Technologies promoted MCX in 2003. In December 2013, the commodities market regulator FMC had declared FTIL and Mr Shah unfit to run any exchange and capped their voting rights in the exchange at two per cent after a thorough probe into the NSEL payment fiasco.
Earlier, FTIL had sold about 2 per cent of its stake in MCX to investor Rakesh Jhunjhunwalla and divested another four per cent through the stock exchange route since it initiated the divestment process. FTIL will continue with its divestment process to sell the balance five per cent stake subject to the receipt of binding bids, the company said in a press release.
