Merrill Lynch buys over 2.35 lakh shares in FTIL for Rs8.18 crore

Global financial services firm Merrill Lynch has acquired a little over 2.35 lakh shares in Jignesh Shah-led Financial Technologies for around Rs8.18 crore through open market route.

Merrill Lynch Capital Markets Espana bought 2,35,461 scrips of Financial Technologies (India) Ltd at an average price of Rs347.76, valuing the transaction at Rs8.18 crore.

FTIL and its commodity trading arm Multi Commodity Exchange of India Ltd (MCX) are under scanner of market regulator SEBI as well as other agencies for various violations.

FTIL is currently under restructuring plan under a committee appointed by its board to charter new growth path for the company.

The committee comprises Venkat Chary and S Rajendran (non-executive independent directors), Berjis Desai (legal advisor) and Dewang Neralla (whole time director).

Restructuring plan include exploring the possibility of identifying a strategic partner who will help drive growth of the company and contribute towards leveraging FTIL's core DNA of technology creation to drive strategic growth beyond financial markets.

The restructuring plan also includes FTIL divesting up to 24 per cent in Multi Commodity Exchange of India Limited (MCX) in the long-term interest of both FTIL and MCX.

The committee is also considering divestment of FTIL's investment in other exchanges as a part of the restructuring.

The FTIL scrip surged by 4.99 per cent to close at Rs352.40 on the Bombay Stock Exchange (BSE), its highest trading permissible limit for the day.