Financial Technologies going to Sell NBHC for 242 Crore

Financial Technologies- Jignesh Shah said that they are going to sell National Bulk Handling Corporation to IVF (India Value Fund Advisors) Trustee Company for Rs. 242 crore. This is as per plan of selling non-core assets.

Jignesh Shah which is currently under CBI probe as a case has been registered against him for connection with cheating and causing loss of Over Rs. 120 Crore to Public Sector company PEC (Project and Equipment Corporation ).

In 2000, IVFA raise capital from the domestic market, attracting US$ 35 million from top Indian institutions and family offices.

In 2005 it launched India Value Fund II (US$ 170 million),

India Value Fund III launched in 2007  (US$ 400 million) and

India Value Fund IV (US$ 600 million) in 2010.

India Value Fund Advisors was established in 1999 by Vishal Nevatia.

This transaction is subject to shareholders’ approval through Postal bailout and expected to be completed by April 15-30.

NBHC is an Integrated Commodity and collateral Management company which is having  a warehouses in all India. It has 569 storage facilities with stock worth Rs 5,500 crore.

It also manages warehouses and storage facilities for at least 42 banks.

On 14^th March 2014 Stock ended at 360.85 Rs/Share down by 17.30 Rs/Share i.e. down by 4.57%.

Stock touched intraday high of 375 Rs/Share and low of 359.25 Rs/Share.