MCX parent, TV18 keen on stake in Delhi exchange

MCX parent, TV18 keen on stake in Delhi exchange
PTI
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First Published: Thu, Jul 19 2007. 12 28 AM IST
Updated: Thu, Jul 19 2007. 12 28 AM IST
New Delhi: Financial Technologies India Ltd, the parent company of Multi Commodity Exchange, media house TV18 (please give their full name) and Liberty Shoes are among the seven bidders interested in buying a stake in the Delhi Stock Exchange as the defunct bourse gets ready to restart operations.
“So far, we have received seven bids including Financial Technologies for 51% brokers’ stake in the exchange...trading can start within four months from now,” B.B. Sahny, DSE director and chairman of the demutualization committee, said. Two foreign entities, Kuwait-based Noor Investments Ltd and US-based Horizon Assets Management Co, have also bid for stake in the bourse.
Sahny said the bids have been received at an enterprise value between Rs400 crore and Rs500 crore. At this value, the share price comes to about Rs130-165 apiece, he added.
The demutualization process will be completed by the 28 August deadline set by the Securities and Exchange Board of India. It will take another 100 days to resume operations.
As per Sebi rules on demutualization, every stock exchange must sell brokers’ 51% equity to separate their trading and ownership rights.
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First Published: Thu, Jul 19 2007. 12 28 AM IST
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