As National Stock Exchange announced its stake sale recently, its counterpart Bombay Stock Exchange (BSE) has declared that it's going public by May'07. So BSE's stake sale is likely to happen any time soon.
BSE is expected to complete transformation with May'07 and are already taking with few foreign exchanges for possible partnetship. BSE exchange has appointed Morgan Stanley, Merrill Lynch and Kotak Securities as its merchant bankers for the IPO.
Meanwhile, there are reports that BSE has shortlisted London, Nasdaq, Deutsche Borse, New York and Singapore stock exchanges for the sale of a 26 per cent stake. But NYSE has already picked up stake in NSE and they cannot invest in any other exchange according to SEBI norms. Others can.
Reuters reports that Singapore Exchange has expressed interest to pick up 5 per cent in BSE. NSE has beaten BSE in the stake sale thing. Last week, NSE's existing shareholders sold 20 per cent to NYSE Group, General Atlantic, Goldman Sachs and SAIF Partners who picked up 5 per cent each in the fast growing stock exchange for Rs $490 million. India has allowed upto 49 per cent stake for foreign entities of which only 26 per cent is permitted for FDI while 23 per cent is for foreign institutional investors.
Every exciting time ahead...