Financial Technologies (India) (FTIL) today, entered into a share purchase agreement (SPA) with TVS Shriram Growth Fund 1, S. Gopalkrishnan, Lakshmi Narayanan, Rajeev Gupta, Dalmia Cement Bharat Power Ventures, Kiran Vyapar, TVS Capital Funds, and Agri Power and Engineering Solutions Private for sale of 25.64% equity stake on a fully diluted basis in  IEX for an aggregate consideration of Rs 5.76 billion.

The said transaction is subject to fulfillment of certain condition precedents including buyout of the application software and other technology for its own use only by IEX and regulatory approvals, if any. As per the SPA, the transaction will close within 30 days, unless extended by all the parties.

Post completion of the above said transaction, the company would have completely exited IEX.

Shares of the company declined Rs 0.7, or 0.39%, to settle at Rs 179.60. The total volume of shares traded was 343,896 at the BSE (Wednesday).