Vadodara Stock Exchange has elicited a good response for dilution of its 51% stake, as per the direction of the Securities and Exchange Board of India (Sebi). According to sources at VSE, a meeting of the board would be held here, in the near future, to discuss the outline of the proposals.
Sebi had directed the local stock exchanges to dilute their stakes up to 51%. According to the notification, VSE has started searching for a strategic partner and has invited bids from financial institutes and high net worth professionals, through expression of interest (EOI). The last date of submitting the bids had been extended to August 13.
Sources at VSE said that the procedure of submitting bids has been completed and received bids from around 30 bidders.
They also said that in case of more than 1% stake, it would be referred to the Sebi, after the board’s approval.
“Though money is required to buy the exchange’s stake, price is not the only concern. An investor’s quality and status also matters,” a top official involved in the procedure told Express News Service. The exchange received a good response on account of it’s various activities
“The exchange’s 100% owned subsidiary – Vadodara Stock Services Ltd. is listed on BSE and NSE as well, as the exchange’s daily turnover is around Rs 80 to Rs 100 crore. It also functions as a depository participant with more that 46,000 accounts,” he said.
Source: Indian Express