Wednesday, December 10, 2014

Deal culminated – FTIL clinches agreement with sale of 1.65 shares to Rakesh Jhunjhunwala

Further developments in FTIL’s shares sale process! A transaction that was initiated last month has been finally clinched; Further 1.65 lac shares have been sold by FTIL to Rakesh Jhujhunwala for Rs. 2.47 lac in MCX-SX stock exchange. This is believed to have completed the departing process. This was pursuant to the agreement signed by FTIL towards selling its whole 5% stake, including 2.7 crore equity shares and 56,24,60,000 warrants for Rs. 88.41 crore.

This was also revision to the original agreement, in response to the clarification requirement of BSE last week, particularly, on the stake sale that took place in November, 2014.  

Also, there were separate warrant purchase agreements that were entered into, by FTIL, with Edelweiss Commodities Services, Viral Parikh, Trust Investments, Derive Investments, Nemish Shah, Dhanesh Sumatilal Shah, Kalpraj Dharamshi, Renuka Shah, Uday Shah, Madhuri Kela, Madhu Vadera Jayakumar and Capital & Research.

As per the clarification to BSE, an unsupported error in communication, on 25 November, 2014, appeared stating the company exited entirely from MCX-SX. Thus making amends, FTIL clarified that now the whole culmination has taken place with this further sale of shares to Jhunjhunwala. The excerpts from FTIL’s clarification stated, "...nominal 165,000 equity shares were missed out due to decimal calculation which was subsequently sold to Rakesh Jhunjhunwala by entering into an amendment agreement completing the sale of total share of 2,71,65,000 on the basis of the present capital of MCX-SX.”

Thus, with this deal, FTIL has totally exited from MCX-SX. 

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