Financial Technologies (India) Ltd. (FTIL) said that it would complete the process of divesting 24 per cent stake in Multi- Commodity Exchange (MCX) by April 25.

FTIL was required to reduce its 26 per cent stake in MCX to below 2 per cent to comply with the direction of Forward Markets Commission (FMC).

“The Restructuring Committee received non-binding bids from 9 prospective investors, which includes marquee Indian and global conglomerates.

The Committee has completed the process of short-listing of the parties with whom FTIL’s appointed banker JM Financial will take the decision forward,” FTIL said in a notice to the BSE and the National Stock Exchange (NSE).

FTIL had appointed a Restructuring Committee for the proposed divestment of up to 24 per cent equity stake in MCX.

“The Restructuring Committee has also decided that it will finalise the bidders by April 25, 2014, and will recommend the same to the board of FTIL,” it added.