Indian Internet and IT firm Sify Technologies Ltd has announced that it has agreed to sell off its stake in MF Global Sify Securities India Pvt Ltd in an all cash deal to Singapore-based financial services company PhillipCapital Group, in an all-cash deal.
Financial details of the transaction were not disclosed.
Sify holds 29.85 per cent of stake in the joint venture with MF Global, which is engaged in providing online and offline equity and derivatives trading for retail clients besides other clearing services for financial institutions.
Sify spokesperson said the deal could take anywhere from 3-4 months to complete.
The parent group of the Indian subsidiary, MF Global filed for bankruptcy last November owing to bad bets on Eurozone debt. This means PhillipCapital Group would in effect buyout the entire stake of the Indian financial services firm.
Earlier, Refco Inc was the JV partner of Sify in the Indian JV. MF Global came on board after Refco went bankrupt around six years ago.