India: FTIL faces investor ire for selling DGCX stake for a song

Photo: Abhijit Bhatlekar/Mint

Financial Technologies (India) Ltd (FTIL) has been criticized by experts, analysts, proxy advisory firms and investors owed money by an affiliate firm, for allegedly selling for a song its significant stake in Dubai Gold and Commodities Exchange (DGCX) to its joint venture-partner Dubai Multi Commodities Centre (DMCC).

The transaction, announced last week, was done at a valuation of around $40 million, which means FTIL received $11 million for its 27.3% stake.

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