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Financial Tech shares surge 11% on deal to sell SMX stake

By Super
Financial Tech shares surge 11% on deal to sell SMX stake
Mumbai, Nov 19: Shares of Financial Technologies (India) Ltd today shot up by 11 per cent after the company said its unit will sell its stake in Singapore Mercantile (SMX) to ICE Singapore Holdings Pte Ltd for $150 million (about Rs 931 crore).

Following the news, shares of FTIL opened the day on a strong note and as trade progressed further jumped 11 per cent to Rs 201.40 on the BSE.

In a regulatory filing to the BSE, the company today said: "Financial Technologies Singapore Pte Ltd, a wholly-owned subsidiary of FTIL, announced the sale of 100 per cent of its equity ownership in SMX (together with its wholly-owned subsidiary SMX CC) to ICE Singapore Holdings Pte Ltd, an entity owned by the Intercontinental Exchange Group, Inc for $150 million."

The transaction was approved by the board of directors of FTSPL and FTIL on November 18, 2013, with the signing of definitive agreements and is subject to certain customary closing conditions and approvals, the filing noted.

The company further said FTIL will primarily utilise the amount towards repayment of outstanding debt towards External Commercial Borrowings (ECB) and Foreign Currency Loans (FCL) to banks subject to regulatory approvals, if any, pursuant to which FTIL will become debt/lien-free.


Story first published: Tuesday, November 19, 2013, 13:00 [IST]
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