FTIL gains on selling Mauritius-based exchange

FTIL's wholly owned subsidiary FT Group Investments Pvt. Ltd. Mauritius has signed a pact with Continental Africa Holdings Limited

Financial Technologies (FTIL) has gained above 5% to Rs 191.40 on BSE after the company announced that the board of its wholly owned subsidiary FT Group Investments Pvt. Ltd. Mauritius (FTGIPL) has signed a pact to sell its Mauritius-based exchange for about Rs 250 crore to Continental Africa Holdings Limited.
 
The entire transaction is expected to be completed within the next 210 days.
 
Earlier, Bombay High Court refused to grant any temporary relief to the company which had requested the court to issue an interim stay on the Forward Market Commission order of December, 17 2013 which declared FTIL unfit to run exchanges.

 

According to media reports, FTIL is existing exchange business to focus on its core technology business.
 
The stock opened at Rs 186.50 and has hit a high of Rs 194.50 till 11:35 hrs and around 7,50,000 shares have changed hands on BSE and NSE combined