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Rakesh Jhunjhunwala will acquire additional 1.65 lakh equity shares worth ₹2.47 lakh in unlisted MCX Stock Exchange.
“Further to our communication on share sale agreement, please be informed that the company has entered into an amendment to share sale and warrant agreement with Rakesh Jhunjhunwala for the sale of additional 1.65 lakh equity shares for a consideration of ₹2,47,500,” said FTIL in a statement on Monday.
Post completion of the above transaction, the company would have completely exited MCX Stock Exchange, it said.
Clarifies on Edelweiss buyFurther, FTIL said that Edelweiss Commodities Services would now buy MCX-SX warrants instead of Edelweiss Financial Services as informed in the earlier statement on November 26.
Last month, Financial Technologies, the erstwhile promoter of the stock exchange, entered into share and warrant sale agreement with Jhunjhunwala and a group of 12 investors to sell its entire stake in the stock exchange comprising 2.70 crore equity shares and 56.24 crore warrants for an aggregate consideration of ₹88.419 crore and claimed that it has exited completely from MCX-SX. Asked how the company found extra share to sell now, FTIL clarified that 1.65 lakh equity shares were missed out due to ‘decimal calculation’.
BSE’s moveInterestingly, the BSE has sought clarification from FTIL on the progress of the deal and the status of warrants cancelled by the MCX-SX board. According to the shareholding pattern of MCX-SX, 56.24 crore warrants of FTIL were extinguished at the board meeting on August 14 after taking legal opinion.
Just before getting its licence renewed in September, MCX-SX had transferred the non-refundable interest-free deposit of ₹56.25 crore raised against these warrants to the capital reserve and increased its networth to ₹160 crore from ₹110 crore.
SEBI has declared FTIL as not ‘fit and proper’ to hold stake in any exchange after one of its group company, National Spot Exchange Ltd, failed to settle trade worth ₹5,600 crore last year.
In August, FTIL exited MCX by selling its 26 per cent stake in the commodity bourse it had originally promoted.
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