BSE shareholders okay IPO, stake dilution via 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.