Zee Media Bureau/Tarun Sharma
New Delhi: Stake of Financial Technologies India Ltd (FTIL) in Multi commodity exchange will be sold soon by MCX via offer for sale.
SEBI recently extended offer for sale option to top 200 hundred companies from hundred companies. Out of various other options for diluting stake, MCX is also considering this route to offload 24 percent stake of FTIL.
According to company sources, they are considering this route as it's one of the most transparent way to dilute stake in any company.
MCX has already taken approval from it's shareholders to transfer 24 percent stake from normal stake holder to the escrow account. Leaving it to just a formality for the board of directors, to announce it in upcoming board meet on 26 June.
According to sources, "After a final nod from the directors, company will immediately send this proposal to Forward Market Commission for it's approval following which company will send it to Sebi for issue approval.
After NSEL broke out, commodity markets regulator FMC had in December declared Jignesh Shah and FTIL unfit for running any commodity exchange. In May, the regulator passed new norms for exchanges under which there was provision for exchanges to take decision for transferring stake into escrow after declaring unfit.
FTIL had challenged this norms in Bombay high court but court did not give any interim stay to FTIL. Along with that, FTIL has to sell stake in stock exchanges till 26th June as per SAT order.
