SBI, LIC in race for 41% stake in BSE

SBI, LIC in race for 41% stake in BSE
PTI
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First Published: Mon, May 14 2007. 12 31 AM IST
Updated: Mon, May 14 2007. 12 31 AM IST
Mumbai: State Bank of India and Life Insurance Corporation of India are among the front-runners to pick up stake in Asia’s oldest bourse Bombay Stock Exchange (BSE), which has to demutualize by 19 May.
Under demutualization, the bourse has to offload 51% of the stake in the stock exchange owned by 790 brokers.
BSE has already offloaded 10% stake to Deutsche Bourse and Singapore Exchange Ltd and the remaining 41% has to be sold by next week. The stock exchange has received interest from over 20 leading domestic and foreign financial institutions for offloading the remaining stake. The long overdue announcement of the remaining stake is likely next week, a BSE official said.
BSE is keeping the names of the interested companies under wraps, but indications are that SBI, LIC and Bank of India are among 20 companies and financial institutions that have applied. “We cannot divulge the names since approvals from regulatory bodies like RBI and Sebi are still in the process,” BSE MD & CEO Rajnikant Patel said. The 20 applicants included leading domestic FIs, foreign funds domestic corporate houses and reputable high net-worth individuals.
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First Published: Mon, May 14 2007. 12 31 AM IST
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