Sify Technologies Limited, a managed enterprise, network and ICT services company, has reached an agreement to sell its entire stake in MF Global Sify Securities India Pvt Ltd to PhillipCapital Group, the Singapore-based financial services company, for an all-cash deal.
When contacted, Sify officials declined to comment on the transaction value.
Sify was holding around 30 per cent stake in MF Global Sify Securities India.
According to the terms of the agreement entered with MF Global Sify Securities India Pvt Ltd, MF Global Overseas Limited through its related companies, will buy a majority stake in MF Global Sify Securities India Private Limited.
The transaction is subject to regulatory and statutory approvals in the respective countries. MF Global Sify Securities India started as a 70:30 joint venture between US-headquartered MF Global's wholly-owned subsidiary, MF Global Holdings Overseas Ltd and Sify Technologies Ltd.
It offers equity and derivatives trading for retail customers as well as execution and clearing services for financial institutions.