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More NSE shares on the block

The price is lower than the price IDFC got for its 1.2% stake sale in July 2013

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Rajesh BhayaniJoydeep Ghosh Mumbai
Last Updated : Sep 21 2015 | 1:27 AM IST
More shareholders of the National Stock Exchange (NSE) are looking to pare their holdings. According to sources, some PEs and banks are scouting for buyers amid uncertainty over the exchange's listing plans. Last week, IFCI sold about 1.5 per cent stake in NSE at Rs 3,900 apiece. The price is lower than the price IDFC got for its 1.2 per cent stake sale in July 2013. The market during this period has risen over 30 per cent. Excess supply might be putting pressure on the price, say observers.

Steel papers at a discount

With the Securities and Exchange Board of India (Sebi) raising concerns about debt mutual funds' exposure to sectors like steel, power and realty, the yields on their debt papers have spiked. This has happened especially after the downgrade of Jindal Steel and Power Lts (JSPL) by ICRA. "Many of these papers are quoting at a 10-15 per cent discount because the market is quite unsure about the prospects of these companies. Fund houses, that are trying to reduce their exposure in these sectors, are finding it quite difficult to exit," said the head of a brokerage house. The market regulator recently asked fund houses to do their own research while investing and not depend too much on rating agencies.

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First Published: Sep 21 2015 | 12:41 AM IST

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