New Delhi: Jignesh Shah-promoted trading platform provider Financial Technologies (India) Ltd Tuesday said that it will sell its entire 100% stake in Singapore Mercantile Exchange to the Singapore unit of IntercontinentalExchange Group Inc for $150 million.
The transaction was approved by the board of directors of Financial Technologies Singapore Pte Ltd and Financial Technologies (India) Ltd on November 18, a statement filed with the stock exchanges said.
However, the transaction is subject to certain customary closing conditions and approvals, it added.
Financial Technologies will use the funds raised from the sale of the Singapore unit for repayment of outstanding debt towards External Commercial Borrowings (ECB) and Foreign Currency Loan (FCL) to banks.
The company will become debt free after the sale of the unit.
The deal comes amid National Spot Exchange, one of the companies promoted by Financial Technologies in India, being involved in a Rs 56 billion payment crisis since August.
Financial Technologies also operates exchanges in Dubai, Mauritius, Botswana and Bahrain.