(Disclosure:I am market making in BSE)
The Bombay Stock Exchange plans to sell a part of its stake in Central Depository Services (India) Ltd through an initial public offer (IPO), three people with direct knowledge of the development said.
The exchange has to bring down its holding to comply with the Securities and Exchange Board of India’s norms on ownership in market infrastructure institutions.The IPO will value the company at around Rs 700-750 crore, these people said.
“The boards of directors of BSE and CDSL have approved the proposed initial public offering plan,” an investment banker said.
BSE will now hire bankers to manage the issue and is looking at a listing by the end of the current financial year, people quoted earlier said.
As on April 30, CDSL managed 8,772,884 accounts with securities of Rs 11.28 lakh crore. Stocks and securities of around 14,738 companies are being managed by the depository.
BSE, Asia’s oldest exchange, holds 54.2% in CDSL and needs to trim it to below 24% to comply with Securities and Exchange Board of India’s norms on ownership and governance of market infrastructure institutions. –from ET
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Linkfest:June 02,2014
Some stuff I am reading today morning:
The tale of two Gujarat politicians in a train (TheHindu)
How UPA messed up the economy (BT)
NMDC:What is blocking PE expansion? (WhyNMDC)
Has Murthy’s return to Infosys done more harm than good? (Mint)
Short term bond funds will be better (ET)
How to miss a 10 bagger (ValueInvestorIndia)
To William Dalrymple and his lies (Sandeep)
Test of Moving Average (Prashant)
4 Tips to manage personal finances the corporate way (GoodMoneying)
Risk and Returns in Real Estate (Subramoney)
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Dara Shikoh
Dara Shikoh
I wander the streets of Delhi
seeking my name
Dara—the scholar, the Sufi
Shahjahan’s licit heritor
I was trapped and assassinated
by my own treacherous brother
I see, masters of Delhi
have named streets
after murderous Aurangzeb
but Dara Shikoh
the people’s prince
no one remembers, no one cares.
– from Caravan