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

Mumbai, June 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. PTI