The board of FT Group Investments Pvt Ltd, a wholly owned subsidiary of FTIL, gave its approval on Monday. The entire transaction will be completed in 210 days.
Bourse Africa offers trading in commodities, equities and currencies. With this deal, it will be the fourth exchange and in the fifth company sold by FTIL in 10 months, raising Rs 2,900 crore in all. It sold Singapore Mercantile Exchange in February for Rs 931 crore, then National Bulk Handling Corporation, a collateral management company, for Rs 242 crore. In July, it exited Multi Commodity Exchange, raising Rs 900 crore. Early this month, it entered into an agreement to sell Indian Energy Exchange for Rs 577 crore.
It still has stake in MCX Stock Exchange, Dubai Gold and Commodities Exchange and Bahrain Financial Exchange.