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National Stock Exchange To File For Domestic IPO By January 2017

The NSE did not disclose how much money it would seek to raise via the listings or which exchanges it would target for the listings

Photo Credit : Reuters

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National Stock Exchange, India's biggest bourse, will file for a domestic initial public offering by January 2017, and will also pursue one overseas, potentially putting to rest a long tussle with certain foreign shareholders over the timing of a listing.

The NSE's board, after a meeting on Friday, has also rejigged a listing committee, which will be tasked with taking decisions related to the IPO, the exchange said in a statement, without disclosing the new members.

The composition of the initial committee had also raised strong opposition from some of the foreign shareholders who believed it was too close to management and did not represent their strong demand for an expedited listing.

The NSE did not disclose how much money it would seek to raise via the listings or which exchanges it would target for the listings.

It said for the domestic listing, the board of directors of the exchange has expressed a desire to file a DRHP (draft red-herring prospectus) by January 2017, after addressing restructuring needs of the exchange and the regulatory requirements for listing.

"The board has also advised the management to file for overseas listing by April 2017," the NSE said in a statement, confirming a Reuters report from earlier on Monday about its listing plans.

(Reuters)


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