The Singapore Stock Exchange (SGX) has emerged is in the lead for picking up a 5% stake in the Bombay Stock Exchange ahead of its initial public offer in May. SEBI has stipulated that a single investor can pick up a maximum of 5% in an Indian stock exchange. The Bombay Stock Exchange has received offers that value the exchange at $600-800 mn. The offer by SGX was on the higher side of this range. Recently, the NYSE Group, General Atlantic, Goldman Sachs and Softbank Asian Infrastructure Fund each acquired 5% in the National Stock Exchange (NSE), for a price that put NSE’s enterprise value at $1.20 bn. Other contenders for the Bombay Stock Exchange include the Deutsche Borse, NASDAQ and the London Stock Exchange. The Bombay Stock Exchange will also have to give shares to private equity players, for which Temasek, GIC and a German private equity player are in the running. The valuations they have offered are not yet known.
Read the Business Standard and Reuters.com articles.
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