Last week, FTIL had announced constitution of a committee to propose and oversee a restructuring plan, which includes FTIL divesting up to 24 percent in MCX.
Jignesh Shah-promoted Financial Technologies (India) Ltd (FTIL) Friday said it has appointed JM Financial Institutional Securities Ltd as the financial adviser for divestment of stake in its group company Multi Commodity Exchange of India Ltd (MCX).
Last week, FTIL had announced constitution of a committee to propose and oversee a restructuring plan, which includes FTIL divesting up to 24 percent in MCX. FTIL currently holds 26 percent stake in MCX.
Also Read: Merill Lynch buys FTIL shares for Rs 9.77 cr
FTIL has appointed JM Financial Institutional Securities Ltd as its financial advisor for divestment of stake held in MCX, a company statement said here.
Venkat Chary, non-executive independent director of FTIL and chairman of the Committee, said, "FTIL has built MCX over the last 10 years as one of India's top market infrastructure institutions in the commodity derivative space.
"I am confident that given JM Financial's track record and experience as one of India's leading financial advisers, it would help us bring in the best investors who will drive MCX to an era of renewed growth and development."
The committee was expected to appoint an investment bank of repute to conduct an open and transparent bidding process for the divestments as well as identifying strategic partners into FTIL.
The committee had been given a time of 'not exceeding 120 days' for the restructuring.
Financial Tech stock price
On March 07, 2014, Financial Technologies closed at Rs 384.40, up Rs 14.40, or 3.89 percent. The 52-week high of the share was Rs 870.30 and the 52-week low was Rs 102.05.
The company's trailing 12-month (TTM) EPS was at Rs 50.03 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 7.68. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company is 0.66.
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