BoB Set to Reduce NSE Shareholding
The Bank of Baroda (BoB), a government-owned bank, has announced its intention to sell a portion of its ownership in the National Stock Exchange of India (NSE). The bank has issued a filing inviting interested buyers to submit bids for its stake in the exchange. The proposed auction sets a minimum price of Rs 3,150 per share, valuing the NSE at Rs 156,000 crore. This valuation surpasses the valuation of its competitor, the Bombay Stock Exchange (BSE), which is valued at Rs 7,790 crore.
BoB Set to Reduce NSE Shareholding: Key Points
- The Bank of Baroda (BoB) has invited various entities, such as insurance companies, corporations, mutual funds, high net worth individuals, foreign institutional investors, and non-resident Indians, to participate in the bidding process.
- They are offering 21 lakh shares, equivalent to a 0.42 percent stake in the exchange, for a minimum price of Rs 3,150 per share.
- This would result in a total deal value of Rs 661.5 crore.
- However, partnership firms are not eligible to participate in the bidding process.
- The deadline for submitting bids is July 10, and any questions related to the bid will be addressed between June 5 and June 15.
- The bidding will officially be opened on June 11.
- This auction is taking place amidst uncertainty regarding the National Stock Exchange‘s public listing, which awaits a decision from the Supreme Court.
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