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63 Moons Technologies Ltd.

BSE: 526881 Sector: IT
NSE: 63MOONS ISIN Code: INE111B01023
BSE 00:00 | 24 Apr 2020 63 Moons Technologies Ltd
NSE 05:30 | 01 Jan 1970 63 Moons Technologies Ltd

Update on the sale of shares in MCX

July 8, 2014, 8:04 pm | Source: BSE

Financial Technologies (India) Ltd has informed BSE that the Company has sold 10,19,000 equity shares of MCX in the market. The Company continues the discussions on disinvestment with the prospective buyers and on reaching a definitive offer, the Company may consider the disinvestment to such bidders.

The Company had started the divestment process in the month of March 2014 for divesting its 24% stake in MCX and had appointed JM Financials as an investment banker for the same. Due to the process of divestment getting delayed as a result of the publishing of revised norms by FMC, publishing of PwC special audit report without giving an opportunity to FTIL amongst the reasons for delay, the Company, without prejudice to its legal rights, had decided to divest shares that are not locked in and hence had sold these on the floor of the Exchange.

Further, in terms of Regulation 36 of ICDR Regulations, equity shares representing 20% of the post-offer equity share capital of MCX held by FTIL is locked in as Promoters' contribution till March 2015. Any disinvestment out of this 20% will need to comply with the Regulations.

Post selling, the Company’s holding in MCX has come down from 26% to 24.02%.