Date:18/02/2005 URL: http://www.thehindubusinessline.com/2005/02/18/stories/2005021802240600.htm

Back Financial Tech to buy majority stake in IBS Forex

Our Bureau

Mumbai , Feb. 17

FINANCIAL Technologies (India) Ltd today told the BSE it is considering acquiring a controlling stake in IBS Forex Pvt Ltd, which runs FX DIRECT, a currency trading platform for interbank foreign exchange trading.

The company's board is to meet tomorrow to consider this proposal.

The board will also consider a proposal to raise funds for financing the company's expansion and diversification plans through issue of equity shares on preferential basis to foreign institutional investors as per SEBI guidelines.