India's NSE valued at $2.3 billion in stake sale

A consortium of investors led by the NYSE group acquire 20% of India's leading stock exchange, the NSE in a deal which values it at $2.3 billion.
The NYSE group, General Atlantic, Goldman Sachs and Softbank Asian Infrastructure Fund have collectively acquired a 20% stake in IndiaÆs leading stock market, the National Stock Exchange NSE. Each of the investors will hold 5% of NSE, in consonance with the maximum permissible under Indian regulations announced by SEBI recently in November. NYSE said it is paying $115 million for 5% of NSE, suggesting an equity value of the NSE of $2.3 billion. The NSE is currently not listed.

ICICI Bank, Industrial Finance Corporation of India, ILFS Trust Company, Punjab National Bank and General Insurance Corporation of India, all NSE founders, are the selling shareholders.

The NSE was established as a...
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