Sify Technologies has reached an agreement to sell its entire stake in MF Global Sify Securities India Pvt Ltd to the Singapore-based financial services company, PhillipCapital Group, for an all-cash deal.
Financial details of the deal were not disclosed. The transaction is subject to regulatory and statutory approvals in the respective countries.
Sify was holding around 30 per cent stake in MF Global Sify Securities India.
MF Global Sify Securities India Pvt Ltd, headquartered in Mumbai, is a joint venture between the MF Global and Satyam Infoway Ltd to offer online and offline equity and derivatives trading for retail customers as well as execution and clearing services for financial institutions.
The company’s authorised capital is worth $14.5 million, in which MF Global holds 70 per cent and Satyam Infoway holds the balance 30 per cent.
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