The Hindu Business Line
FTIL sheds 19% stake in Indian Energy Exchange
Financial Technologies on Friday said it has completed the sale of 19.06 per cent stake in Indian Energy Exchange and is in the process of divesting the remaining 6.58 per cent stake in the bourse. “After the sale of 19.06 per cent stake in IEX, FTIL still holds 6.58 per cent,” the company said in a statement.
For the remaining stake in the electricity exchange IEX, the company had earlier this week entered into a share purchase agreement with MADISON India Opportunities III for sale of 1.58 per cent stake.
FTIL exited from the commodity exchange business in India and abroad after the erstwhile commodity markets regulator FMC declared the company and the promoter unfit to run the business.