BSE shareholders vote for listing; dilution of stake via OFS

Mumbai, Jun 24 () The shareholders of BSE today voted for the proposed initial public offer (IPO) of the exchange and are expected to offload at least 10 per cent stake of the total BSE's equity through offer for sale. The exchange held its annual general meeting (

AGM

) today to seek shareholders' approval for the listing. "The shareholders have voted on the proposed IPO/OFS by the exchange and the results would be out in next three days," sources told . The IPO could be entirely an offer for sale (OFS) if BSE shareholders agree to offload at least 10 per cent stake of the exchange's total equity, the sources said. A maximum of 30 per cent of BSE's equity can be offloaded. The exchange has about 8,000 shareholders comprising brokers and institutions. BSE (formerly known as Bombay Stock Exchange) has already 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 said in March that it plans to come out with its initial share-sale program in the next six-nine months. The announcement came after receiving in-principle approval from

Sebi

for listing. The

Securities and Exchange Board of India

(Sebi) 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 exchange had sought approval for launching the IPO, saying it is in compliance with all the requirements for listing. It has been seeking nod to get listed for a long time, but necessary clearances were not forthcoming on one issue or the other. SSM NP ANU
Stay updated with the latest news on Times of India. Don't miss daily games like Crossword, Sudoku, and Mini Crossword.