Comments
Financial Technologies has amended the share purchase agreement with five buyers to sell additional shares of its subsidiary Indian Energy Exchange.
The company has widened the share sale to 57.80 lakh, accounting for 19.06 per cent, against 50.34 lakh totalling 16.60 per cent. Consequently, the sale value will increase to ₹409.95 crore, compared with ₹357.06 crore announced earlier, said the company in a statement on Wednesday.
The company had entered into the share purchase agreement with DCB Power Ventures, Kiran Vyapar, Agri Power and Engineering, Aditya Birla Capital Advisors (Trustee to the Aditya Birla PE Fund I) and Aditya Birla Capital Advisors (Trustee to the Aditya Birla PE Sunrise Fund) to sell its stake in IEX.
The execution of the transaction is subject to fulfilment of certain customary conditions and the said shares will be transferred to the purchasers from an escrow account with Axis Bank, as directed by the Supreme Court, upon receipt of consideration, said FTIL. The company has announced a dividend of ₹5 a share.
Earlier this month, the apex court had stayed the Central Electricity Regulatory Commission order directing FTIL to transfer its entire 26 per cent shareholding in IEX to a separate demat account after it failed to meet the deadline of July 20 for selling the stake.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.