Financial Technologies (FTIL) on Wednesday exited the country's largest commodity exchange MCX by selling its residual 5 per cent stake in the bourse, it had originally promoted, for over Rs 200 crore. In July, Jignesh Shah-led FTIL, the erstwhile promoter of MCX, had announced sale of its 15 per cent stake in MCX to Kotak Mahindra Bank for Rs 459 crore. On Tuesday, commodity market regulator FMC had approved the deal with Kotak.
‘...pursuant to the applicable clauses of the listing agreement, please be informed that without prejudice to the legal rights and remedies, the company has further sold balance 5 per cent equity shares of MCX in the market,’ FTIL said in a statement. ‘Post the above selling and subject to unlocking of balance shares by MCX to complete the condition precedent of Share Purchase Agreement (SPA), the company holds nil shares in MCX,’ it added.
‘...pursuant to the applicable clauses of the listing agreement, please be informed that without prejudice to the legal rights and remedies, the company has further sold balance 5 per cent equity shares of MCX in the market,’ FTIL said in a statement. ‘Post the above selling and subject to unlocking of balance shares by MCX to complete the condition precedent of Share Purchase Agreement (SPA), the company holds nil shares in MCX,’ it added.