FTIL sells remaining IEX stake to Multiples-backed Milltec

In a regulatory filing, FTIL said that it had transferred 1.7 million shares to Milltec subsidiary Agri Power and Engineering Solutions. The value of the deal has not been disclosed.

IEX is an online energy trading platform that caters to more than 2,800 open access consumers, with over 800 private generators, and allows users to engage in trading, clearing, and settlement operations. It has several other PE and VC investors, including Multiples and Bessemer Venture Partners.

FTIL has been trying to sell its stake in IEX since last year, after credit troubles with a subsidiary resulted in a regulatory decree that it could not hold a stake in any stock exchange.

It initially signed an agreement in November 2014 to sell its entire 25.64% stake to a consortium led by TVS Capital for INR5.76 billion ($94 million). However, the company cancelled that sale earlier this year, citing the inability of the purchasers to meet certain preconditions, and agreed to sell a 16.6% stake to a different consortium for INR3.57 billion.

The participants later agreed to alter this agreement to sell a 19.1% stake for INR4.1 billion. Last week FTIL sold an additional 1.58% to Madison India Capital for INR340 million.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Infrastructure
• Exits
• PIPEs
• India
• Multiples Alternative Asset Management
• Exit
• Infrastructure
• energy
• PIPE