George Soros eyes 4-% stake in BSE
28 Jul 2010
Bombay Stock Exchange, or BSE , as it is commonly referred to by investors and brokers alike, has refused to comment on media reports that controversial US billionaire George Soros is likely to buy Dubai Holding's 4-per cent stake in the exchange.
Soros, the 29th world's richest person, according to Forbes with a net worth of approximately $7.2 billion, is in late-stage negotiations to buy Dubai Holding's 4-per cent stake in the BSE, the Financial Times yesterday reported, citing people close to the matter.
Soros Fund Management LLC plans to pay about $40 million for Dubai Holding's stake, valuing the oldest exchange in Asia at about $1 billion, a person involved in the negotiations told the paper.
Dubai Holding, owned by the emirate's ruler, Sheikh Mohammed bin Rashid al-Maktoum, had been looking to sell its stake in the BSE for quite some time.
Indian laws allow individual foreign entities to own not more than 5 per cent in local stock exchanges.
Madhu Kannan, a former Bank of America-Merrill Lynch strategist, who was appointed as managing director and chief executive officer of BSE last year, told FT that he could not comment on matters related to the shareholdings.