BSE to sell 41-per cent stake
13 Mar 2007
Mumbai: The Bombay Stock Exchange (BSE) has decided to sell 41 pc stake to 20 investors, including domestic and foreign financial institutions, for about $ 384 million.
The investors are said to include public sector insurance behemoth Life Insurance Corporation of India (LIC) and State Bank of India (SBI).
Exchange officials said this was the largest private placement done in India and spoke volumes of the franchise of the exchange.
BSE held its board meeting and extra-ordinary meeting (EGM) to complete the demutualisation process. The deadline for completing the 51 pc stake sale held by broker- members in BSE, Asia''s oldest exchange, is mid-May this year.
Recently, BSE sold 5-per cent stake each to Franfurt-based Deutsche Boerse AG and Singapore Exchange at Rs5,200 per share. The deal valued the exchange at $800 million.
The
41 pc share will also be sold to select investors at Rs5,200
per share.
