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Singapore Exchange to buy five percent of India's BSE
0 Comments | AFP, March, 2007
MUMBAI (AFP) — Singapore Exchange plans to acquire a five percent stake in the Bombay Stock Exchange in a deal worth 42.7 million dollars, the two exchanges announced here on Wednesday.
The deal came after Deutsche Boerse, operator of the Frankfurt stock exchange, last month announced it would pick up five percent of the Mumbai stock exchange at the same price.
"This strategic tie-up with SGX (Singapore Exchange) will offer the 'Asian advantage' to BSE," said Bombay Stock Exchange managing director and chief executive Rajnikant Patel.
The Mumbai exchange -- Asia's oldest -- still has to sell a further 41 percent to institutional investors in line with an order by the Securities and Exchange Board of India last year to set up a corporate structure.
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