Financial Tech up; BofA-Merrill unit buys stake

Reuters Market Eye - Shares in Financial Technologies (India) Ltd gain after a Bank of America-Merrill Lynch unit bought a 0.51 percent stake in the trading software provider via a bulk deal on Wednesday, India's National Stock Exchange data shows.

Merrill Lynch Capital Markets Espana S.A. SVB bought 235,461 shares of the company at 347.76 rupees a share, in a transaction worth 81.88 million rupees.

Financial Technologies last week appointed a committee to propose and oversee a restructuring plan that includes finding a stratgegic partner and selling an up to 24 percent stake in the Multi Commodity Exchange of India Ltd (MCX) .

 

Financial Technologies has been under scrutiny after the commodities regulator deemed the company not fit to run MCX and ordered it to liquidate most of its stake in the company.

Shares in Financial Technologies were trading up nearly 5 percent at 12.15 p.m.

(Reporting by Abhishek Vishnoi)