 "IPO")
Keen to launch its initial public offering (IPO), top stock exchange BSE has hired merchant bankers and a legal team for the issue.
Edelweiss Financial Services has been appointed as the lead merchant banker, while AZB & Partners and Nishith Desai Associates will be the legal advisors to the issue.
BSE had late last month sought approval from capital markets regulator Sebi for launching the IPO, saying it is in compliance with all the requirements for the listing.
The exchange has been seeking to get listed for a long time but necessary clearances have not been forthcoming on one or the other issue.
While the rival National Stock Exchange (NSE) plan for an IPO seems to have stuck as it is pitching hard for self-listing but Sebi is believed to be firm on its rule that only allows cross-listing of stock exchanges.
On the other hand, BSE has no problem with cross-listing.
In 2012, BSE had hired 14 investment banks, including Bank of America Merrill Lynch, JP Morgan, Barclays, UBS, Kotak Mahindra Capital, ICICI Securities, Edelweiss Capital, Axis Capital and IIFL for its public issue.
In a letter written to Sebi last month, BSE said that it is in full compliance with the requirements of the new SECC (stock exchanges and clearing corporations) Regulations and therefore it can proceed with its IPO plans.
The exchange had requested Sebi to provide approval "permitting BSE to proceed with the IPO and listing of BSE's shares on a recognised stock exchange".
Sebi, in January, had amended the existing SECC regulations to make it easier for stock exchanges to list their shares through an IPO.
The move follows demand from investors in stock exchanges for listing of the bourses which can provide them an opportunity to unlock the value of their investments.
BSE has been seeking to get listed for a long time and it had earlier filed an application with Sebi in this regard in 2013.
