Financial Technologies today said it has concluded the sale of its remaining 5 per cent stake in Indian Energy Exchange (IEX).
“The company has concluded the sale of balance 5 per cent equity stake in IEX on a fully diluted basis... With the conclusion of the transaction, the company has competed the sale of its entire 25.64 per cent stake in IEX,” Financial Technologies said in a regulatory filing.
As part of the transaction, the company has sold 3.02 per cent stake to Siguler GUFF NJDM Investment Holdings, 1.61 per cent to SG BRIC III Trading LLC and 0.37 per cent to Madison India Opportunities III.
The Jignesh Shah-led Financial Technologies (India) Ltd had nearly 26 per cent stake in the largest power trading exchange, IEX, but started divesting in the bourse following an order by power regulator CERC to sell out completely.
The move followed the erstwhile regulator FMC declaring FTIL and the promoter unfit to run exchange business following the payment crisis at its subsidiary, NSEL.
Similarly, the Securities and Exchange Board of India (SEBI) had said FTIL is ‘not fit and proper’ to own stakes in any stock exchange and directed it to divest its existing holdings in MCX-SX and four other entities.