Financial Technologies India Ltd., whose promoter Jignesh Shah is accused in a multi-million dollar scam, today said Madison India will buy its 1.58 per cent stake in Indian Energy Exchange (IEX) for Rs 33.96 crore ($5.2 million).
Earlier this month, FTIL had completed the sale of 11 per cent stake in IEX to DCB Power Ventures and Kiran Vyapar. It has exited the commodity exchange business in India after the sector regulator Forward Markets Commission (FMC) had charged promoter Shah of being the main beneficiary in the Rs 5,500 crore ($844 million) scam in National Spot Exchange Ltd., which was owned by FTIL.
It was a stunning fall for Shah, who had earlier founded Multi-Commodity Exchange or MCX in November 2003 and then went on to set up a stock exchange in 2013. He remains the chairman of FTIL, which is being probed by multiple government agencies.
With the conclusion of the transaction, the company has completed the sale of 13.60 per cent stake in IEX, on a fully diluted basis.
Last month the company entered into an amended share purchase agreement with five buyers to sell its 19.06 per cent stake in the IEX for Rs 409.95 crore.