DEAL: Bombay Stock Exchange $182 million IPO

Author: Brian Yap | Published: 14 Feb 2017

The Bombay Stock Exchange (BSE), founded in 1875, became Asia’s oldest exchange to go down the IPO route earlier this month, when it made its debut on the National Stock Exchange (NSE) raising INR12,434 ($182 million). But, with over 9,000 local and overseas shareholders, it would have been difficult for the BSE to ensure that the scheme of participation reached out to all of them.

The Bombay Exchange's path to IPO was not a smooth one"Ensuring compliance with, and devising manners of monitoring compliance with, these shareholding restrictions through the course of the IPO process was one of the more complicated parts of this process," said Lionel D’Almeida, partner at AZB & Partners in Mumbai.The BSE was corporatised and demutualised pursuant to a notification issued by the Securities and Exchange of India (Sebi) on May 20 2005 under the 1956 Securities Contracts (Regulation) Act. The demutualisation scheme...



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