Shareholders turn impatient over delay in approval for BSE listing

MUMBAI: Shareholders of BSE are turning impatient due to the delay in approval for the bourse’s listing. Some of BSE shareholders — mostly brokers — have demanded a resolution on listing and to form a committee to expedite the listing process in the forthcoming annual general body meeting. The exchange is awaiting the stock market regulator’s nod to launch a public issue.

Shareholders holding nearly 13 per cent stake in the exchange made this request to the exchange to include this resolution as part of the Annual General Meeting (AGM) agenda.

"Several shareholders have requested the board to expedite the process of listing and enable them to offer their shares for sale through OFS mechanisms," said the explanatory note of the BSE on the resolution.




In December 2012, BSE selected 14 investment banks, including Bank of America Merrill Lynch, JP Morgan Barclays and UBS to manage its public issue.

"These shareholders are hoping that the Sebi would consider clearing the proposal on the basis of this," said a person familiar with the development. BSE’s spokesperson confirmed the requisition request on listing resolution.

"Pursuant to Section 111 of the Companies Act 2013, BSE has received requisition from the shareholders holding more than 10 per cent of the paid up share capital of the company, in aggregate and carries right of voting, to move a resolution relating to the ‘Listing and Offer for Sale of Shares of the Company’ in the AGM to be held on 25th September, 2015," the BSE Spokesperson said.

He did not divulge the details of the issue saying the regulatory approval is still awaited.

"BSE has not received any approval from Sebi for IPO till date and hence we cannot comment on the timing and size of the offer".

The BSE has opted for the public issue to give an exit route to some of the existing shareholders. Deutsche Boerse and Singapore Exchange own 4.91 per cent each in BSE while SBI and LIC hold 4.83 per cent each. Other shareholders of the exchange include GKFF Ventures, Quantum, Caldwell India, Atticus Mauritius and Acacia Banyan who holds 3.86 per cent stake each.