Goldman Sachs, NYSE, 3 others close to buying 26 pct of India's NSE - report |
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Published
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Wed, 10 Jan 2007 05:14
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BOMBAY (XFN-ASIA) - A group of five institutional investors, including Goldman Sachs and the New York Stock Exchange (NYSE), are close to buying a 26 pct stake in India's National Stock Exchange (NSE), the Economic Times reported, citing unnamed sources.It said that IL&FS and IFCI are selling 5 pct each of their holdings in NSE to Goldman Sachs and NYSE in two separate deals, which are expected to be signed soon. The two shareholders currently hold 7.1 pct each in the exchange.IDBI and ICICI Bank, two other institutional promoters of NSE, are also expected to offload part of their holdings in the exchange in subsequent deals, the report said, adding that NSE is expected to be valued at over 2 bln usd.The proposed sale of stakes comes close on the heels of guidelines issued by the Reserve Bank of India (RBI) on foreign investment in Indian stock exchanges.The RBI has allowed foreign investment of up to 49 pct in stock exchanges, fixing foreign direct investment (FDI) cap at 26 pct and foreign institutional investor (FII) limit at 23 pct.rc/
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