FTIL shares up 5% on MCX IPO plan

During the day,the stock had jumped over 11 per cent to a 52-week high of Rs 958.80.

Shares of Financial Technologies (FTIL) today rallied by over 5 per cent on expectations for significant gains from part-sale of the company’s stake in the forthcoming IPO of the country’s largest commodity bourse MCX.

FTIL shares settled 5.46 per cent higher at Rs 909.75 on the BSE. During the day,the stock had jumped over 11 per cent to a 52-week high of Rs 958.80.

On the NSE also,the scrip closed with a gain of 5.65 per cent at Rs 912.

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MCX (Multi-Commodity Exchange) would hit the capital market with its initial public offer on February 22,during which promoter company FTIL,and some other shareholders also,would sell part of their shares in the bourse.

FTIL currently holds 31.2 per cent stake in MCX,which would come down to near 26 per cent after the IPO.

MCX has fixed a price-band of Rs 860 to Rs 1,032 a share for its IPO,which could raise up to Rs 663 crore.

The bidding for shares in the IPO would close on February 24.

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The offer would comprise of sale of about 64.27 lakh shares,accounting for a 12.6 per cent stake in the company.