Financial Technologies India Ltd (FTIL), which has been looking to raise funds by selling non-core assets, today said it completed the sale of its entire stake in subsidiary National Bulk Handling Corporation (NBHC) to IVF Trustee Company for Rs 241.74 crore.
NBHC, a warehousing and collateral management company, has a pan-India presence and operates 569 storage facilities with a capacity of over 1.47 million tonnes.
"The transaction relating to sale of NBHC to IVF Trustee Company has been completed," FTIL said in a filing to the BSE.
IVF Trustee Company is the sole trustee of India Value Fund Advisors, which was established in 1999 by Vishal Nevatia. India Value Fund Advisors has four investment funds with a combined corpus of over USD 1.2 billion. Since inception, it has invested in 26 companies.
FTIL had set up several exchanges, including the country's largest commodity exchange MCX and the MCX Stock Exchange. However, FTIL no more controls MCX and MCX-SX after regulatory orders passed in the aftermath of Rs 5,600 crore payment crisis at National Spot Exchange Ltd, also set up by the same promoters.