Financial Technologies India Ltd (FTIL) has informed the BSE it has entered into an agreement with GoldenOak (Mauritius) for the sale of stake in Indian Energy Exchange (IEX), an electricity futures trading platform promoted by it. Under the agreement, Golden Oak will buy 1,364,787 equity shares of FTIL in IEX (face value of Rs 10 each) for Rs 72.89 crore. Based on the deal amount, IEX will be valued at Rs 1,620 crore.
The share sale is aimed at complying with the Central Electricity Regulatory Commission (CERC)’s directive to cut FTIL’s stake in IEX from 33.49 per cent to 25 per cent. A number of its employees hold cumulative convertible preferential shares in IEX.
