SHCIL looks to sell 3.84 lakh NSE shares

Stock Holding Corporation of India (SHCIL) is looking to sell its stake in the National Stock Exchange (NSE). CNBC-TV18’s Mrinalini Krishna reports that SHCIL has invited bids for 3.84 lakh (0.86%) of NSE shares. Sources say that bankers are looking for valuations anywhere between Rs 3,300-3,500 per share, which would mean that the NSE could be valued at these levels at anywhere close to Rs 15,000 to 16,000 crore.

SHCIL has appointed IDBI Capital as the transaction advisor for the sale. The bidding is open till September 22, 2009 and NSE — though not a party to this sale — has the right to approve or reject the transfer of shares. The last such stake sale for NSE was in June this year when Norwest Venture acquired 2.1% stake in the NSE for Rs 2,650 per share.