BSE gets shareholders nod for IPO, dilution of stake via OFS

Mumbai, Jun 29 () Moving a step closer to listing its shares, BSE's shareholders have approval the proposed initial public offer (IPO) of the stock exchange through an offer for sale (OFS). The exchange's shareholders had voted for the listing last week at the Annual General Meeting (AGM), results of which were declared this evening. Approval of initial public offering of equity shares of BSE was "passed unanimously", a notice on the exchange said. The IPO is expected to be entirely an OFS and shareholders have approved the same, according to sources. A maximum of 30 per cent of BSE's equity can be diluted through the OFS. As on date, the exchange has about 9,283 shareholders comprising brokers and institutions. BSE (formerly known as the Bombay Stock Exchange) earlier this year had received

Sebi

's in-principle approval to list on capital markets. The exchange is expected to file its

Draft Red Herring

prospectus with the regulator soon. It has appointed

Edelweiss Financial Services

as the lead merchant banker and AZB & Partners and

Nishith Desai Associates

as legal advisors to the issue. BSE has also proposed to create an advisory committee that would consist of selling shareholders for transparency in the listing process. The exchange in March said it plans to come out with its initial share-sale offer in the next six-nine months. The

Securities and Exchange Board of India

(Sebi) had notified amendments to the

Stock Exchanges and Clearing Corporations

regulations on January 1. The new rules are aimed at making it easier for stock exchanges to list their shares through an IPO. Soon after the amendments, the bourse had sought approval for launching the IPO, saying it is in compliance with all the requirements for listing. SSM NRB ABK
Stay updated with the latest news on Times of India. Don't miss daily games like Crossword, Sudoku, and Mini Crossword.