Update on BSE( Bombay Stock Exchange ) - Dharawat

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BSE to seek AGM nod on 29 June for sale of 6% at about Rs 375 to strategic investors. For buying/ selling unlisted/delisted/suspended/

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Mumbai: The Bombay Stock Exchange (BSE) will seek shareholders’ approval for about 6% equity stake sale to strategic investors. It has called its Annual General Meeting (AGM) on June 29 to seek the shareholders’ approval for the proposed issuance as well as transfer of its clearing and settlement functions to its wholly owned subsidiary Indian Clearing Corporation (ICCL). The country’s oldest stock exchange is planning to issue 65.92 lakh fresh equity shares to its new investors at about Rs 375 per share. “Strategic stake sale was approved by shareholders by passing a special resolution in our AGM held last year” said a senior BSE official. He added that since one year has elapsed after passing that resolution and the exchange hasn’t issue fresh shares to any new investor during that period, the exchange is again seeking its shareholder’s approval.
In August last year, billionaire investor George Soros’ Quantum Hedge Fund had picked up a 4% stake in BSE from Dubai Financials, a part of the state run Dubai Holdings. The deal was executed at around R375 – R380 a share valuing the bourse at over R3,960 crore. Currently foreign investors hold around 30% stake in BSE, lower than the permissible limit of 49% with Deutsche Borse and Singapore Exchange having 5% stake each in BSE.
The proposed issuance at R375 a share is expected to restore confidence among its existing investors against the backdrop of valuations of BSE falling sharply in the unofficial market. The exchange will also seek shareholders approval to transfer the clearing function to ICCL. “This is to comply with the Sebi demutualisation guidelines,” said the exchange official.
ICCL has been promoted by the BSE as its 100% owned subsidiary company to function as a clearing corporation. At present, ICCL undertakes clearing and settlement services for the mutual fund segment and corporate debt market segment of BSE. It also undertakes the clearing and settlement functions of the currency derivative segment of US Exchange (USE) in which BSE holds a 15% stake. However the activities of clearing and settlement of funds and securities on behalf of BSE is managed by BOI Shareholding, a joint venture between Bank of India (BOI) and BSE.
The demutualisation clause requires BSE to transfer the duties and functions of the clearing house of the exchange to a separate independent clearing corporation, which in turn should be incorporated under the Companies Act 1956 and recognised by Sebi as a clearing corporation under the Securities Contract Regulations Act (SCRA), 1956. Currently, the National Stock Exchange clears and settles its funds and securities through its wholly owned subsidiary National Securities Clearing Corporation (NSCCL).

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source : 11 June,  Financial Times

http://www.financialexpress.com/news/bse-to-seek-agm-nod-for-sale-of-6-to-strategic-investors/802013/0

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