Given the world's current craze for anything and everything involving cryptocurrencies, the news of the acquisition spurred unprecedented interest in LongFin, which saw its stock price soar 223 per cent the same day.
Back then, Meridian Tech was not very well known.
The first stroke of luck came when Ziddu.com changed its description to "a Blockchain technology empowered solutions provider".More news: Clasico win won´t decide title race, warns Iniesta
Magic words like "blockchain" and "cryptocurrencies" acted as a catalyst for the LongFin stock rise that made a progress more than 1000 percent between last Wednesday and Monday.
Meenavalli told Economic Times in a text message that the Bachchans received 250,000 shares of LongFin following the asset purchase instead of their holding in Meridian Tech.
RBI had announced the LRS scheme in February 2004 as a step towards further simplification and liberalisation of the foreign exchange facilities available to resident individuals.More news: Analysts' Review: Wisdomtree Invstmnts (WETF) and Apollo Investment Co (AINV)
Bollywood stalwart Amitabh Bachchan has starred in more than 150 movies in his 50-year career.
Shares of financial technology firm Longfin dropped more than 18 percent in extended-hours trading Monday after closing up almost 229 percent in a volatile day of trading.
Commenting on the acquisition, Venkat Meenavalli, Chairman of Longfin Corp stated, "The advent of Blockchain technology has caught the imagination of the global financial services industry; blockchain is emerging as a technological revolution that is set to disrupt the financial services infrastructure". The deal was materialised just two days after LogFin stock got listed on NASDAQ.
The company had its initial public offering on the Nasdaq on December 13 and is based in NY. Riot Blockchain, which says it is applying the digital currency ledger technology to the biotech market, has gained over 700% in the past three months, while Marathon Patent Group, which owns some blockchain-related intellectual property, has gained over 300%.More news: Itau Unibanco (ITUB) Given Daily News Sentiment Score of 0.19