FTIL Sees Rise In Stocks, Preps To Sell Mauritius-Based Bourse

Written by Makula Dunbar

Nov 18, 2014

The Financial Technologies (India) Ltd (FTIL) stock rose on Tuesday on the BSE after it said it has signed a pact to sell its Mauritius-based exchange for $40.5 million (about Rs 250 crore) to Continental Africa Holdings Ltd.

At 2:09 pm, the stock was trading 4 per cent higher at Rs 190.55.
FTIL decided to exit the exchange business and focus on its core technology business after the Rs 5,600 crore scam surfaced at its Indian subsidiary NSEL last year.

In a filing to the BSE, Jignesh Shah-led FTIL said the Board of its Mauritius-based subsidiary FT Group Investments Pvt Ltd has “approved the sale of 100 per cent of its stake in Bourse Africa Ltd, Mauritius to Continental Africa Holdings Ltd, Mauritius, for $40.5 million.”

The Mauritius arm signed a definitive agreement with Continental Africa Holdings. The deal is subject to certain customary closing conditions. The entire transaction is expected to be completed within the next 210 days, it said.