An investor in the National Stock Exchange of India Ltd. is offering a stake in the country’s largest bourse for sale, according to an advertisement posted on the stakeholder’s behalf by IDBI Capital Market Services Ltd.
A client of IDBI Capital plans to sell 384,798 shares in the Mumbai-based company, according to the posting in the Economic Times newspaper today. The last date for submitting bids is Sept. 22, it said. R. Swaminathan, a vice president in the institutional business group at IDBI Capital, declined to name the seller or provide more details when contacted today.
The National Stock Exchange sold a 5 percent stake in January 2007 to NYSE Group Inc. for $115 million, valuing the bourse at $2.3 billion. Goldman Sachs Group Inc., General Atlantic LLC and Softbank Asian Infrastructure Fund also purchased 5 percent stakes at that time at an undisclosed price.
In June, venture capital firm Norwest Venture Partners said it acquired 2.11 percent of the bourse for 2.5 billion rupees ($51 million) from IL&FS Securities Services Ltd., valuing the National Stock Exchange at about $2.5 billion.
The fully electronic national bourse, which started in 1992, has double the trading volume of its biggest local rival, the Bombay Stock Exchange.
Source: Bloomberg