Financial Tech up over 5%

Financial Technologies has spiked up today, currently up over 5% at Rs.190.70, with an intra day high at Rs.201.50. The toll of the entire NSEL saga is visible in the price, which in Jan had hit a new 52-week high at Rs.1198.

Today, the beleaguered stock has risen on news that it is selling off its stake in Singapore Merchantile Exchange, its wholly owned subsidiary and to raise around $150 million. The Intercontinental Exchange Group is stated to be the buyer.

The company has stated in the Press Release that will funds will be used towards repayment of outstanding debt towards External Commercial Borrowings (ECB) and Foreign Currency Loan (FCL) to Banks subject to regulatory approvals, if any, pursuant to which FTIL will become debt/lien-free.