Financial Technologies India

Financial Technologies India Ltd has informed about the following:

- Merrill Lynch and Citigroup acquires 5% stake each in Multi Commodity Exchange of India Ltd (MCX) from Financial Technologies (India) Ltd (Company) and MCX emerges as the 'Exchange of Choice' globally. Company plans to invest proceeds in green field ecosystem ventures such as - National Spot Exchange Ltd (NSEL), National Bulk Handling Corporation Ltd (NBHC) and others towards the development of complete value chain.

MCX, as part of its strategy to evolve into a globally recognized, world class commodity exchange from India, has further expanded its shareholder base by virtue of Company divesting its equity capital in MCX. In addition, the Company has also signed definitive Agreements with Passport India Investment (Mauritius) Ltd and GLG Financials Fund for sale of a 3% and 2% stake, respectively, in MCX. MCX received valuation ranging from US$ 1.0 billion to US$ 1.1 billion for the above transactions. These investments from strategic international partners will provide Indian commodity markets and MCX access to global know how, best practices, domain knowledge and technology — making them more efficient, competitive, transparent and among the most respected institutions globally.

The Company, as a part of its strategy, divests its stake in its ventures to key partners that can help propel the growth of its ventures to the next level. It plans to invest the proceeds from the same in organic and other growth opportunities including green field exchanges and ecosystem infrastructure ventures such as NSEL (National Spot Exchange Ltd) and NBHC (National Bulk Handling Corporation Ltd) among others, in local and global markets.