Saturday, November 27, 2010

George Soros bought 4% of Bombay Stock Exchange, 8/20/10 report

.
8/20/10, Mumbai, India, "George Soros buys 4% of Bombay Stock Exchange," AP

"Billionaire George Soros' Quantum hedge fund has purchased Dubai Financial Group's 4 percent stake in the Bombay Stock Exchange, an exchange official said, in a deal that values Asia's oldest exchange at over $800 million.
  • The shares were transferred Thursday and valued at 375 rupees to 380 rupees ($8.00-$8.15) a piece, which would value the 135-year-old exchange at $800 million to $850 million, said a top BSE official, who spoke on condition of anonymity because he was not authorized to speak publicly to the media.

Soros' investment comes as India works to modernize its capital markets, opening new exchanges, streamlining trading and introducing new products, like currency futures.

  • With retail stock ownership still low and a booming economy, India's stock markets are of increasing interest to foreign investors.

Brokers own 44 percent of the BSE, with public shareholders controlling the rest.

  • including Deutsche Boerse, the Singapore Stock Exchange, Canadian financier Tom Caldwell, and U.S. private equity group Argonaut Ventures."...

In May, Temasek, Singapore's sovereign wealth fund, took a 5 percent stake in the rival National Stock Exchange of India for a reported $175 million.

The BSE had 4,990 listed companies as of July and a market capitalization of $1.4 trillion, according to its website."

.

No comments: