Financial Technologies (India) Ltd is offloading its 25.64 per cent equity stake in Indian Energy Exchange Ltd (IEX) to a group of investors for a cumulative value of Rs 576.84 crore.

With the completion of the stake sale, FTIL would completely exit from IEX, which provides a power trading platform.

In its filings with the stock exchanges, FTIL said it had on November 5 entered into a Share Purchase Agreement (SPA) with TVS Shriram Growth Fund 1, S. Gopalkrishnan, Lakshmi Narayanan, Rajeev Gupta, Dalmia Cement Bharat Power Ventures Ltd, Kiran Vyapar Ltd, TVS Capital Funds Ltd and Agri Power and Engineering Solutions Pvt Ltd to sell 25.64 per cent equity share on a fully diluted basis in IEX for a total consideration of Rs 576.84 crore.

The company said the transaction was subject to fulfilment of certain condition precedents including buyout of the application software and other technology for its own use only by IEX and regulatory approvals, if any. Under the SPA, the transaction would close within 30 days unless all parties extended it. After the transaction was completed, FTIL would have completely exited IEX, the statement said.

According to the IEX Web site, it offered a “transparent, neutral, demutualised and automated platform” for physical delivery of electricity. The exchange also facilitated “efficient price discovery and price risk management” for those who took part in the electricity market, that included industries which were eligible for open access.

IEX said nearly 3,000 participants from 29 States, 5 Union Territories (UTs), more than 800 private generators (both commercial and renewable energy), and over 2,800 open access consumers benefited by participating in the exchange.

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