BSE plans IPO at ‘appropriate time’

BSE plans IPO at ‘appropriate time’
PTI
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First Published: Tue, May 15 2007. 05 06 PM IST
Updated: Tue, May 15 2007. 05 06 PM IST
New Delhi: The Bombay Stock Exchange (BSE), Asia’s oldest, has informed the government that it might come out with an Initial Public Offer (IPO) at an appropriate time.
“BSE has informed that depending upon the need and circumstances, it may consider IPO at an appropriate time,” Minister of State for Finance Pawan Kumar Bansal told the Rajya Sabha in a written reply on 15 May 2007.
Post IPO, the scrips will be traded on BSE.
However, the National Stock Exchange (NSE) does not have any such plans as of now, Bansal said.
The government has already given approval for induction of certain foreign investors as shareholders in BSE and NSE. Over 20 domestic and local companies are reportedly in fray for stake in the BSE.
State Bank of India and Life Insurance Corporation are among the front runners to pick up stake in the Bombay Stock Exchange (BSE).
The trading members of the exchange are required to reduce their equity shareholding to 49% as per the BSE (Corporate and Demutualisation) Scheme, 2005 and Sebi regulations.
The BSE has already offloaded 10 per cent stake to Deutsche Bourse and Singapore Exchange Ltd and the remaining 41% has to be diluted by 19 May.
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First Published: Tue, May 15 2007. 05 06 PM IST
More Topics: Money Matters | IPOs |