FTIL defies MCX's decision to consider a pref allotment

In a press release, FTIL said that it had not received any such communication from MCX and the board of FTIL will take necessary legal action in interest of its shareholders. A preferential allotment will bring in more shares in the market, eventually reducing FTIL's stake in MCX.

FTIL has challenged the decision of MCX to make a preferential allotment after the latter's announcement today on the exchange about a possibility of considering a preferential allotment of MCX shares.

Also, FTIL is looking at bringing down their stake in MCX to 2 percent from 26 percent, as per FMC order, will not get the desired price to sell this stake, since a preferential allotment will set a floor price for the MCX shares that may prevent FTIL to sell their stake at a premium price or get their desired valuations.

Also read: MCA to ascertain whether FTIL as holding co violated norms

This preferential allotment will evidently impact FTIL's divestment plans, causing FTIL to challenge MCX's decision to consider a preferential allotment.

According to FTIL, this move by MCX Board is an attempt to derail the former's move to divest its equity in fair and transparent manner. FTIL sees this move with a clear agenda of depriving themselves of its propriety rights at any cost visibly indicating a beginning of a legal battle between MCX and FTIL.

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