The transaction was approved by the Board of Directors of FTSPL and FTIL on November 18, 2013
Financial Technologies (India) Ltd has announced that Financial Technologies Singapore Pte. Ltd., (FTSPL), a wholly owned subsidiary of Financial Technologies (India) Ltd. (FTIL) announced on November 18, 2013, the sale of 100% of its equity ownership in SMX (together with its wholly owned subsidiary SMX CC) to ICE Singapore Holdings Pte. Ltd., an entity owned by the Intercontinental Exchange Group, Inc. (NYSE: ICE) for US$150 million.
The transaction was approved by the Board of Directors of FTSPL and FTIL on November 18, 2013 with signing of definitive agreements and is subject to certain customary closing conditions and approvals.
FTIL will primarily utilize the amount towards repayment of outstanding debt towards External Commercial Borrowings (ECB) and Foreign Currency Loan (FCL) to Banks sub}act to regulatory approvals, if any, pursuant to which FTIL will become debt/lien-free.
The transaction was approved by the Board of Directors of FTSPL and FTIL on November 18, 2013 with signing of definitive agreements and is subject to certain customary closing conditions and approvals.
FTIL will primarily utilize the amount towards repayment of outstanding debt towards External Commercial Borrowings (ECB) and Foreign Currency Loan (FCL) to Banks sub}act to regulatory approvals, if any, pursuant to which FTIL will become debt/lien-free.
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