<p>Soros' Quantum hedge fund bought the stake from Dubai Financial, a part of state-run Dubai Holdings, for an estimated Rs 380 per share, sources said.<br /><br />With a total of 10.4 crore shares, the deal at Rs 380 per share values BSE at over USD 800 million (Rs 3,952 crore). Over 5,000 companies are listed on the exchange.<br /><br />Currently, foreign investors hold 30 per cent stake in BSE, lower than the permissible limit of 49 per cent.<br /><br />While BSE declined to comment on the deal, sources said the process of stake sale was started by Dubai Financial around 6 months back.<br /><br />"Dubai Financial had appointed merchant bankers for BSE stake sale six months back. A host of foreign funds had expressed interest. Finally, Soros' Quantum outbid others," sources said.<br /><br />Dubai Holding is a group owned by Emirates ruler Sheikh Mohammed bin Rashid al-Maktoum.<br /><br />In February-March 2007, Deutsche Boerse AG and Singapore Exchange Ltd acquired 4.98 per cent each of BSE's stake at the time when the exchange was demutualised.<br /><br />As per the regulations, an institution cannot hold more than 5 per cent stake in a stock exchange. Among other foreign shareholders, the Deutsche Boerse and the Singapore Stock Exchange own 5 per cent stake each in BSE.<br /><br />Foreign interest in India's financial markets has been growing in recent past. Earlier this year, Singapore government's investment arm Temasek picked up a 5 per cent stake in the National Stock Exchange -- the BSE's main rival.<br /><br />Temasek had acquired stake in the NSE from the New York Stock Exchange, which exited from India's top bourse after the later entered into a cross-listing agreement with the Chicago Mercantile Exchange.<br /><br />Under the agreement between the NSE and CME, S&P Nifty-50 index has been made available to the CME for the creation and listing of the US dollar-denominated futures contracts for trading on the CME.<br /><br />On the other hand the Dow Jones Industrial Average (DJIA) and S&P 500 --the two leading US indices-- would be traded on the NSE platform in India. The CME owns the rights to S&P and DJIA and has given the licence to the NSE for trade in futures contracts on indices. <br /><br /></p>
<p>Soros' Quantum hedge fund bought the stake from Dubai Financial, a part of state-run Dubai Holdings, for an estimated Rs 380 per share, sources said.<br /><br />With a total of 10.4 crore shares, the deal at Rs 380 per share values BSE at over USD 800 million (Rs 3,952 crore). Over 5,000 companies are listed on the exchange.<br /><br />Currently, foreign investors hold 30 per cent stake in BSE, lower than the permissible limit of 49 per cent.<br /><br />While BSE declined to comment on the deal, sources said the process of stake sale was started by Dubai Financial around 6 months back.<br /><br />"Dubai Financial had appointed merchant bankers for BSE stake sale six months back. A host of foreign funds had expressed interest. Finally, Soros' Quantum outbid others," sources said.<br /><br />Dubai Holding is a group owned by Emirates ruler Sheikh Mohammed bin Rashid al-Maktoum.<br /><br />In February-March 2007, Deutsche Boerse AG and Singapore Exchange Ltd acquired 4.98 per cent each of BSE's stake at the time when the exchange was demutualised.<br /><br />As per the regulations, an institution cannot hold more than 5 per cent stake in a stock exchange. Among other foreign shareholders, the Deutsche Boerse and the Singapore Stock Exchange own 5 per cent stake each in BSE.<br /><br />Foreign interest in India's financial markets has been growing in recent past. Earlier this year, Singapore government's investment arm Temasek picked up a 5 per cent stake in the National Stock Exchange -- the BSE's main rival.<br /><br />Temasek had acquired stake in the NSE from the New York Stock Exchange, which exited from India's top bourse after the later entered into a cross-listing agreement with the Chicago Mercantile Exchange.<br /><br />Under the agreement between the NSE and CME, S&P Nifty-50 index has been made available to the CME for the creation and listing of the US dollar-denominated futures contracts for trading on the CME.<br /><br />On the other hand the Dow Jones Industrial Average (DJIA) and S&P 500 --the two leading US indices-- would be traded on the NSE platform in India. The CME owns the rights to S&P and DJIA and has given the licence to the NSE for trade in futures contracts on indices. <br /><br /></p>