Friday, August 24, 2007

Financial Technologies buys 1% NSE stake for Rs 125cr.

Software firm Financial Technologies India has acquired 4,50,000 shares (1%) stake in National Stock Exchange from ICICI Bank for Rs 125 crore.

According to a release issued by Financial Technologies to the BSE today, the company joins other NSE shareholders including the New York Stock Exchange (NSE), Goldman Sachs, ICICI, SBI, IDBI, LIC and various public sector banks.

NYSE and three financial investors -- General Atlantic, Goldman Sachs and Softbank Asian Infrastructure Fund -- had picked up 5% stake each in NSE for $490 million (Rs 2,205 crore) in January this year.

That had pegged the upper-end valuation of the country's largest bourse at $2.5 billion (Rs 11,250 crore). NSE had recorded a net profit of Rs 191 crore on a revenue of Rs 472 crore for the financial year ended March 31, 2006.

With the current FT-ICICI Bank deal, the valuation of NSE has moved up to Rs 12,500 crore - an increase of around 11% in seven months.
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