The Bombay Stock Exchange (BSE) has decided to sell up to 30 percent stake before the end of the current financial year through the offer-for-sale route. Besides, a fresh issue of shares is also on the cards, Asia's oldest stock exchange informed its shareholders on Tuesday.
The BSE hopes to raise about Rs. 1,300 crore from the stake sale. On June 24, it will hold shareholders' general meeting to seek their approval, seen as taking the exchange a step closer to listing, Mint reports.
"A combination of an offer for sale (OFS) and fresh issues, for upto a minimum of 30 percent of the post-issue issued equity share capital of the company, subject to regulatory requirement would be considered at the AGM," read a notice sent to shareholders.
Two months ago, BSE received an in-principal approval from capital markets regulator Securities and Exchange Board of India (SEBI) for its IPO, Business Standard had reported.
"This marks the clear intent of the exchanges to list and provide the shareholders an exit opportunity. The exchange is taking the right steps at the right time to proceed with listing," Rahul Mehta, an investor in BSE, was quoted as saying by Mint.
The Mumbai-based stock exchange's issued capital is about 10.9 crore shares. At Rs. 400 apiece, the exchange would be valued at Rs. 4,367.05 crore, the publication added.
[1 lakh = 100,000 | 1 crore = 10 million | 100 crore = 1 billion]