Soros may buy 4% in BSE for $35-40 mn: Sources

Soros may buy 4% in BSE for $35-40 mn: Sources

Mumbai: Billionaire financier George Soros is in advanced talks to buy a 4% stake in Bombay Stock Exchange (BSE) for $35-$40 million, two sources with direct knowledge of the situation said on Wednesday.

Soros Fund Management will buy the stake in Asia’s oldest stock exchange from Dubai Financial, part of sovereign fund Dubai Holding, the sources, who declined to be named as they were not authorised to speak to the media, told Reuters.

The Financial Times first reported the news. “Dubai Financial has been looking to sell its about 4% stake for quite some time now," said one source. “The talks with Soros are now in almost final stages and a formal transaction is expected shortly."

In May, Canadian fund manager Urbana Corp bought 331,000 shares of the Bombay Stock Exchange, the owner of India’s Sensex stock index, at Rs370 per share, raising its stake to 2.6% in the unlisted Indian exchange.

Dubai Financial may also sell shares of the Bombay Stock Exchange to Soros for roughly Rs370 apiece, valuing the 4% stake at $35-$40 million, the sources said.

Singapore state investor Temasek said in May it would buy a 5% stake in BSE’s rival National Stock Exchange of India from NYSE Euronext. Frankfurt-based Deutsche Boerse and Singapore Exchange each hold 5% stakes in the BSE, which in recent years has contemplated an initial public offering.

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