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 drector and chairman of the demutualisation 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, "To 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 (Rs 4-5 billion). At this value, the share price comes about Rs 130-165 apiece, he added.
The demutualisation 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.
As per Sebi rules on demutualisation, every stock exchange must sell brokers' 51 per cent equity to separate their trading and ownership rights.
Elaborating on the revival plan, he said, FTIL would
develop the new trading platform. Financial Technologies, the parent company of Multi Commodity Exchange, has also agreed to pick up five per cent stake in DSE.
