Financial Technologies is selling its 25.64% stake in IEX, which provides a power trading platform, to a group of investors for about Rs576.84 crore
Financial Technologies (India) Ltd said it would offload its entire 25.64% stake in Indian Energy Exchange Ltd (IEX), which provides a power trading platform, to a group of investors for about Rs576.84 crore.
FTIL, in a regulatory filings, said that on 5th November, it had entered into a share purchase agreement (SPA) with TVS Shriram Growth Fund 1, S Gopalkrishnan, Lakshmi Narayanan, Rajeev Gupta, Dalmia Cement Bharat Power Ventures Ltd, Kiran Vyapar Ltd, TVS Capital Funds Ltd and Agri Power and Engineering Solutions Pvt Ltd and would sale its 25.64% stake in IEX for around Rs576.84 crore.
The company said the transaction was subject to fulfilment of certain condition precedents including buyout of the application software and other technology for its own use only by IEX and regulatory approvals, if any.
Under the SPA, the transaction would close within 30 days unless all parties extended it. After the transaction was completed, FTIL would have completely exited IEX, the statement said.
IEX offers a demutualised and automated platform for physical delivery of electricity. The exchange also facilitated “efficient price discovery and price risk management” for those who took part in the electricity market that included industries which were eligible for open access.
IEX said nearly 3,000 participants from 29 states, five union territories (UTs), more than 800 private generators (both commercial and renewable energy), and over 2,800 open access consumers benefited by participating in the exchange.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
