India: FTIL to sell IEX stake to Madison for $5.2m

Figure higher than the capital infused in same period over the last seven years, but still off the record high of 2007. Photo By: Photo by Dan Image ID: 100304087

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.