Financial Technologies jumps on stake sell in IEX - The New Indian Express

Financial Technologies jumps on stake sell in IEX

Published: 25th March 2014 11:19 AM

Last Updated: 25th March 2014 11:19 AM

Financial Technologies (India) (FTIL) shares jumped on Tuesday after the company has signed a share purchase agreement (SPA) for sale of 13,64,787 equity shares (face value of Rs 10 each) of lEX to Golden Oak (Mauritius), for a consideration of Rs 728.9 million.

The above said sale of shares was to comply with Central Electricity Regulatory Commission (CERC) Regulations to bring down the company's stake in lEX to 25%. Accordingly, the company has consummated the above said transaction.

Subsequent to the above said transaction, the shareholding of the company in lEX will be 28.49% and on fully diluted basis 25.64%.

Shares of the company are trading at Rs 369, up Rs 10.65, or 2.97% at the Bombay Stock Exchange (BSE) on Tuesday at 10:03 a.m.The scrip has touched an intra-day high of Rs 370.60 and low of Rs 358.50. The total volume of shares traded at the BSE is 97,654.In the earlier session, the shares declined 3.98%, or Rs 14.85, at Rs 358.35.Currently, the stock is trading down 57.6% from its 52-week high of Rs 870.30 and above 261.59% over the 52-week low of Rs 102.05.

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