The National Stock Exchange of India (NSE) is looking to sell 25 percent of its shares to the public in its planned initial public offering (IPO) via the offer-for-sale route. The exchange could raise about Rs 10,000 crore, making it the largest public issue after state-run Coal India's Rs 15,200-crore IPO in October 2010.
The Mint reported the exchange's stake sale plans, citing three sources privy to the development.
"The exchange and its IPO merchant banks have asked investors to collectively dilute around 25% stake in the exchange. They have requested all investors to dilute at least 25% of their stakes," one of the sources told the business daily.
In August, Citigroup, Morgan Stanley and two other banks were mandated with the task of managing NSE's planned Initial Public Offering (IPO). Additionally, Cyril Amarchand Mangaldas was appointed the legal advisor for the public issue.
The Mumbai-based NSE plans to submit a draft prospectus for listing in January 2017, it had said in a statement in June. By April 2017, the exchange will also file papers seeking for an international listing, according to a decision by its board of directors.
Along with the Bombay Stock Exchange's Sensex, the NSE's Nifty 50 acts as a barometer of the Indian capital market and is extensively used by investors across the world. The NSE listing comes in the backdrop of the BSE stating its intention to go public in 2016.