FTIL completes sale of NBHC stake to IVF for Rs 241.74 crore

Tags: News
Financial Technologies, 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 runs several exchanges, including the country's largest commodity exchange MCX and the MCX Stock Exchange. It's been facing problems due to a Rs 5,600 crore payment crisis at group firm National Spot Exchange Ltd.

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