BSE picks up 5 per cent stake in Calcutta Stock Exchange

Mumbai, Aug 29 (UNI) In order to bring back the lost glory to the Calcutta Stock Exchange (CSE), the Bombay Stock Exchange (BSE) has acquired 5 per cent stake in it and has signed a Memorandum of Understanding (MOU).

The BSE has invested about Rs 60 crore to acquire the 5 per cent stake at a value of Rs 2000 per share.

The CSE, one of the oldest stock exchanges in the country, was facing a survial threat like the other regional exchanges in the aftermath of the nationwide expansion of National Stock Exchange and Bombay Stock Exchange.

Commenting on the development, BSE Managing Director and CEO Rajnikant Patel said, ''BSE has picked up 5 per cent stake, as a strategic partner, in CSE. We have signed an MOU for the revival and growth of CSE and its members. We believe that BSE, CSE combination presents a good business opportunity for both BSE and CSE members.'' UNI