BSE receives overwhelming interest for 41 per cent stake

Mumbai, Apr 12 (UNI) The country's premier exchange, the Bombay Stock Exchange (BSE) today announced that it had received an overwhelming interest from investors across the globe and India to purchase the remaining 41 per cent of its stake under the ongoing process of demutualization.

Emerging from a Board-level meeting here BSE Managing Director and CEO Rajnikant Patel said, ''The response to BSE investment opportunity has been truly overwhelming and we are delighted to have as our investors, pedigreed overseas exchanges as well as domestic and foreign institutions. The new ownership pattern of the exchange will significantly strengthen its institutional character. It is truly transformational and marks a watershed event in the evolution of BSE. In the new framework, the Exchange is indeed well poised to energetically pursue business growth.'' BSE has received interest from over 20 leading domestic financial institutions, foreign funds, domestic corporate houses and reputed high networth individuals for achieving the demutualization of BSE.

Upon reviewing the interest received, BSE proposes to finalise the sale of 41 per cent of its shares to select investors at a price of Rs 5,200 per share, the same price as for strategic partners, in order to widen the profile of its shareholders, an official statement here today said.

Kotak Mahindra Executive VC and MD Uday Kotak said, ''We consider this as a landmark transaction for the BSE Limited and the quality of response from various investor segments demonstrates the level of keen interest in the exchange's space.'' While the sale of shares would be subject to relevant regulatory approvals, Kotak Investment Banking is the sole financial advisor to BSE on the transaction, the statement added.

UNI