The Bomabay Stock Exchange has 22 foreign and local investors lined up for a 51% stake sale as a part of its ongoing mandated demutualisation process.This is after foreign investors including the NYSE and global Investment Bank Goldman Sachs bought 20% stake in the National Stock Exchange a few months ago.SEBI has fixed the deadline as 19th May to complete the transaction.
BSE has managed to convince the Foreign Investment Promotion Board(FIPB) to allow six foreign investors to invest in Asia's oldest bourse. The Singapore stock exchange and the Dutch bourse exchange already own 5% of BSE's equity.Among the foreign investors Dubai Financial, Caldwell Asset Management(USA),Katriel Investment(Cyprus) and Atticus(Mauritius) are expected to pick up stakes.
16 domestic investors including corporates Mahindras,Bajaj,LIC,Bank of India,SBI,Central Bank of India are also acquiring equity stakes of 1% or a little more.Any company buying more than 1% is subject to approval by SEBI.High net worth individuals such as Infosys CEO probable Kris Gopalakrishnan are also buying into the company.
Post Demutualisation BSE will have 77.2 lakh outstanding shares up from 69.5 lakh shares.FY'06 saw BSE booking profits of 60 crores ,it has reserves and surplus to the tune of Rs 930 crores.
Source: The Economic Times.
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