The ball is now in MCX's court also to see how they will share this information and how much of this information will they share with the bidders.
Financial Technologies has postponed its stake sale in MCX as the company's board will meet on the 2nd of May to review the 24 percent divestment process. This comes after bidders complained against the commodity exchange over lack of co-operation.
Many of the bidders had a lot of questions and concerns with respect to the PwC report that had been recently submitted to the MCX board with their major concern being that they also want to be a party to this. The bidders want to know what the key findings of this PwC report were and hence they are saying that only post tomorrow's MCX board meet will they actually take a call on whether they will go ahead with placing the final binding bids or not, reports CNBC-TV18's Aastha Maheswari.
Some of the key findings of the PwC report have raised concerns including the taxability factor when it comes to transfer pricing issues between MCX and FTIL as the former has paid more money to FTIL for software. Clearly, if there is a tax burden of more than Rs 200-400 crore, it will be a huge deterrent for these bidders to go ahead and place the final bid.
It is still unsure if they will shortlist the binding bids or if they will finalise the same. So, the ball is now in MCX's court also to see how they will share this information and how much of this information will they share with the bidders.
Financial Tech stock price
On April 25, 2014, Financial Technologies closed at Rs 323.50, down Rs 9.25, or 2.78 percent. The 52-week high of the share was Rs 870.30 and the 52-week low was Rs 102.05.
The company's trailing 12-month (TTM) EPS was at Rs 50.03 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 6.47. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company is 0.56.
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