 "FTIL to fully exit IEX by selling stake for Rs 576.84 cr")
New Delhi: Financial Technologies today saidit will fully exit IEX by selling its entire stake to a clutchof investors, including TVS Shriram Growth Fund, for Rs 576.84crore.
“FTIL today, entered into a Share Purchase Agreement(SPA) with TVS Shriram Growth Fund 1, S. Gopalkrishnan,Lakshmi Narayanan, Rajeev Gupta, Dalmia Cement Bharat PowerVentures Limited, Kiran Vyapar Limited, TVS Capital FundsLimited, and Agri Power and Engineering Solutions PrivateLimited for sale of 25.64 per cent equity stake on a fullydiluted basis in IEX for an aggregate consideration of Rs576.84 crore,” a company statement said.
In the wake of the Rs 5,600-crore NSEL payment scam,Central Electricity Regulatory Commission (CERC) had directedJigesh Shah-led FTIL to completely exit from IEX, country’sleading power exchange with more than 95 per cent marketshare. NSEL is a group firm of FTIL.
The transaction is subject to fulfilment of certaincondition precedents including buyout of the applicationsoftware and other technology for its own use only by IEX andregulatory approvals, if any, the statement added.
Post completion of the transaction, FTIL would havecompletely exited IEX. FTIL said.
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