Financial Technologies wraps up IEX stake sale

New Delhi: Financial Technologies on Friday said it has concluded sale of its remaining 5 percent stake in Indian Energy Exchange (IEX).

"The company has concluded the sale of balance 5 percent equity stake in IEX on a fully diluted basis... With the conclusion of the transaction, the company has competed sale of its entire 25.64 percent stake in IEX," Financial Technologies said in a regulatory filing.

During the transaction, the company sold 3.02 percent stake to Siguler GUFF NJDM Investment Holdings, 1.61 percent to SG BRIC III Trading LLC and 0.37 percent to Madison India Opportunities III.

The Jignesh Shah-led Financial Technologies (India) Ltd had nearly 26 percent stake in the largest power trading exchange, IEX, but started divesting in the bourse following an order by power regulator CERC to sell out completely.

The move followed the erstwhile regulator FMC declaring FTIL and the promoter unfit to run exchange business following the payment crisis at its subsidiary, NSEL.

Similarly, the Securities and Exchange Board of India (Sebi) had said FTIL is 'not fit and proper' to own stakes in any stock exchange and directed it to divest existing holdings in MCX-SX and four other entities.