BSE looking to buy stake in Chennai-based investor services firm CAMS: report
06 Sep 2010
Bombay Stock Exchange (BSE), the oldest bourse in Asia, is planning to buy a stake in Computer Age Management Services Pvt Ltd (CAMS) for Rs650 crore, The Economic Times reported today.
Citing people familiar with the deal, the paper said that BSE may buy 51 per cent from current shareholders, including Housing Development Finance Corporation, private fund Advent International and Acsys Software.
Set up in 1988 as an IT services company, CAMS moved from processing capital market transactions to processing transactions in customer care for Mutual Funds and then into processing transactions for the insurance industry.
CAMS, with its advanced technology and network for service delivery through its network of service centres in all major cities in India, processes 50 or more of every 100 mutual fund transactions processed in the country.
Last month, US billionaire George Soros is said to have acquired a 4-per cent stake in BSE for about $35 million, valuing the 135 year-old bourse at around $875 million. (See: US billionaire George Soros said to acquire 4- per cent stake in BSE)
The stake was acquired through Soros' Quantum hedge fund from Dubai Financial, owned by the emirate's ruler, Sheikh Mohammed bin Rashid al-Maktoum.
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