On Monday, the Bank of Baroda requested bids from buyers for its stake in the National Stock Exchange through a regulatory filing. The state-run bank has planned an auction to sell its stake at a floor price of Rs 3,150 per share that estimates NSE at Rs 156,000 crore, more than its rival BSE’s valuation of Rs 7,790 crore.
The bank has invited proposals from qualified categories like insurance companies, mutual funds, corporates, high net worth individuals, foreign institutional investors, and non-resident Indians will bid for 21 lakh shares or a 0.42% stake in exchange for at least Rs 3,150 per share. This will lead the deal value to Rs 661.5 crore.
However, partnership firms are not qualified to bid. The last day to submit proposals is July 10, while pre-bid enquiries will be responded to between June 5 and June 15. The bid will finally be opened on June 11.
The bidding originates when NSE’s big market debut is on the junctions of a Supreme Court ruling.