Financial Technologies India Ltd, media house TV18 and Liberty Shoes are among the seven bidders interested in buying a stake in Delhi Stock Exchange as the defunct bourse gets ready to restart operations.
"So far we have received seven bids including Financial Technologies for 51 per cent brokers' stake in the exchange... trading can start within four months from now," B B Sahny, DSE Director and chairman of the de-mutualisation committee, said.
Two foreign entities Kuwait-based Noor Investments Ltd and US-based Horizon Assets Management Company, domestic footwear manufacturer Liberty Shoes and a group company of TV18 have also bid for picking up stake in the bourse.Few others are also expected to join the board, he said, adding, "two Asian exchanges are also in talks with us".
Sahny said the bids have been received at an enterprise value in between Rs 400 crore-500 crore. At this value, the share price comes about Rs 130-165 apiece, he added.
The de-mutualisation process would be completed by the August 28 deadline set by market regulator SEBI, he said, adding, it will take another 100 days to resume operations.
Showing posts with label Delhi Stock Exchange. Show all posts
Showing posts with label Delhi Stock Exchange. Show all posts
Wednesday, July 18, 2007
Monday, June 4, 2007
DSE to become bourse for SMEs in revival bid
Struggling to revive its fortunes, the Delhi Stock Exchange (DSE) will explore ways to convert itself into a bourse for small and medium enterprises (SMEs) to resume trading, which has stopped since 2003 due to new market conditions.
The local bourse will explore the conversion once it sells 51% of brokers’ stake in the exchange by 28 August as required under the demutualisation process.
“DSE is fully geared to take up the role of SME exchange and after demutualisation we will be approaching Sebi in this regard,” DSE director and chairman, Demutualisation Committee, B B Sahny told PTI.
He also dismissed as speculation reports in some quarters that DSE would convert itself into a commodity exchange.Sahny exuded confidence that its effort to become an SME exchange would bear fruit, as even today 1,800 companies are exclusively listed with the DSE out of a total 3,000.
When asked that moves are already afoot to bring in a dedicated exchange for SMEs, he said instead of bringing new exchange for the purpose, DSE could handle the job as it already has infrastructure for that.To a query whether DSE would try to rope in other bourses for the SME exchange, he said initially it would be the local bourse on its own. “Other options could be explored later,” he said.
Sahny emphasised that an exchange for SMEs has to be outside Mumbai as some earlier attempts in this regard have failed since the exchanges were in Mumbai.
Read more in The Livemint article.
The local bourse will explore the conversion once it sells 51% of brokers’ stake in the exchange by 28 August as required under the demutualisation process.
“DSE is fully geared to take up the role of SME exchange and after demutualisation we will be approaching Sebi in this regard,” DSE director and chairman, Demutualisation Committee, B B Sahny told PTI.
He also dismissed as speculation reports in some quarters that DSE would convert itself into a commodity exchange.Sahny exuded confidence that its effort to become an SME exchange would bear fruit, as even today 1,800 companies are exclusively listed with the DSE out of a total 3,000.
When asked that moves are already afoot to bring in a dedicated exchange for SMEs, he said instead of bringing new exchange for the purpose, DSE could handle the job as it already has infrastructure for that.To a query whether DSE would try to rope in other bourses for the SME exchange, he said initially it would be the local bourse on its own. “Other options could be explored later,” he said.
Sahny emphasised that an exchange for SMEs has to be outside Mumbai as some earlier attempts in this regard have failed since the exchanges were in Mumbai.
Read more in The Livemint article.
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