Financial Technologies (India) (FTIL) is selling 15 percent stake in Multi Commodity Exchange (MCX) to Kotak Mahindra Bank for Rs 459 crore.
“FTIL have entered into a share purchase agreement (SPA) to sell 15 percent stake in MCX to Kotak Mahindra Bank Limited (KMBL) for a total consideration of Rs. 459 crore. This transaction culminates majority of the divestment process initiated by FTIL since February 27, 2014,” it said in an official statement.
The deal is subject to certain conditions and regulatory approvals. Uday Kotak, Executive Vice Chairman and MD, Kotak Mahindra said, “We have agreed to take a significant minority stake in MCX. We are excited by the potential presented by the financial infrastructure space in the country and believe that an investment in MCX, with its significant franchise, will create long term value.” In an earlier deal, FTIL had sold a 2 percent stake to investor Rakesh Jhunjhunwala on July 8. With this stake sale Financial Technologies has successfully pared its holding in MCX to 5 percent from 26 percent
. FTIL had appointed a restructuring committee to oversee this process, which appointed JM Financials as its investment banker and Ican as advisor. Venkat Chary, Non-Executive Chairman, FTIL said “We are happy that Kotak Mahindra Bank will become a significant minority shareholder in MCX and will contribute towards the next phase of growth of MCX as a responsible public shareholder. FTIL will continue to remain a technology partner to MCX and will work closely with MCX to take MCX to even greater heights"
“FTIL have entered into a share purchase agreement (SPA) to sell 15 percent stake in MCX to Kotak Mahindra Bank Limited (KMBL) for a total consideration of Rs. 459 crore. This transaction culminates majority of the divestment process initiated by FTIL since February 27, 2014,” it said in an official statement.
The deal is subject to certain conditions and regulatory approvals. Uday Kotak, Executive Vice Chairman and MD, Kotak Mahindra said, “We have agreed to take a significant minority stake in MCX. We are excited by the potential presented by the financial infrastructure space in the country and believe that an investment in MCX, with its significant franchise, will create long term value.” In an earlier deal, FTIL had sold a 2 percent stake to investor Rakesh Jhunjhunwala on July 8. With this stake sale Financial Technologies has successfully pared its holding in MCX to 5 percent from 26 percent
. FTIL had appointed a restructuring committee to oversee this process, which appointed JM Financials as its investment banker and Ican as advisor. Venkat Chary, Non-Executive Chairman, FTIL said “We are happy that Kotak Mahindra Bank will become a significant minority shareholder in MCX and will contribute towards the next phase of growth of MCX as a responsible public shareholder. FTIL will continue to remain a technology partner to MCX and will work closely with MCX to take MCX to even greater heights"
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