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. 

(Source - http://economictimes.indiatimes.com/markets/stocks/news/financial-technologies-india-ltd-sells-1-65-lakh-shares-of-mcx-sx-to-rakesh-jhunjhunwala/articleshow/45415330.cms

http://www.business-standard.com/article/markets/ftil-sells-additional-1-65-lakh-mcx-sx-shares-to-jhunjhunwala-114120800243_1.html) 

FTIL’s most recent accord with Jhunjhunwala, exiting MCX-SX

Crossing the thresholds, departing MCX-SX, FTIL entered a pact with Rakesh Jhujhunwala, selling its stake and warrants in stocks bourse to the latter.

Expressively, a share and warrant purchase agreement was entered into,  with Dr. Rakesh Jhunjhunwala; whilst separate warrant purchase agreements were moved in by FTIL, with M/s. Edelweiss Financial Services Limited, M/s. Trust Investment Advisors Pvt. Ltd. Ms. Viral A. Parikh, M/s. Nemish S. Shah H.U.F., M/s. Derive Investments, Mr. Kalpraj Dharamshi, Mr. Dhanesh Sumatilal Shah, Mr. Uday Shah, Ms. Madhuri Kela, Ms. Renuka Shah, M/s. SKS Capital & Research Pvt. Ltd. and Ms. Madhu Vadera Jayakumar for sale of its 100% stake in MCX-SX comprising 2,70,00,000 equity shares and 56,24,60,000 warrants for an aggregate consideration of Rs. 88.419 crore.

Rakesh jhunjhunwala, a billionaire investor, had earlier purchased stock of MCX - close to 2%, earlier this year, now purchased stock of MCX-SX, thus enabling FTIL to exit MCX-SX entirely. FTIL divested all of MCX-SX stock, which took place on 26 November, 2014.