Financial Tech buys 90% in ICX

Financial Technologies India Ltd, the main promoter of India's largest commodity exchange MCX, on Thursday said it has acquired 90 per cent stake in a South Africa-based ICX Platform (Pty) Ltd for $1.5 million (about Rs 6 crore).

Financial Technologies has acquired 90 per cent stake in ICX Platform (Pty) Ltd, a technology company situated at Johannesburg, South Africa, the firm said in a filing to the Bombay Stock Exchange.

The South Africa-based firm has the Intellectual Property Rights (IPR) and corporate ownership of Electronic Warehouse Receipts Technology, the filing added.

"The acquisition is subject to approvals and fulfillment of certain representations and warranties by the sellers of ICX," it added.

Shares of Financial Technologies were trading at Rs 1,717.50, up 0.72 per cent in the afternoon trading session on the Bombay Stock Exchange.