Jignesh Shah-promoted Financial Technologies (India) Ltd (FTIL) today 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 per cent stake in MCX.
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.