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4 May 2010

Singapore’s state firm takes 5% stake in India’s NSE

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Singapore state investor Temasek will buy a 5 percent stake in the National Stock Exchange of India (NSE) from NYSE Euronext, its second investment in an Indian company in less than a month, according to a Reuters report.

The New York-based exchange operator confirmed the sale of its 5 per cent stake in NSE, but did not give a reason or a price. Indian website VCCircle earlier reported a sale price of just over $150 million, more than NYSE Euronext paid.

“We see our investment in NSE as a good proxy to India's economic growth and the development of its capital markets,” Manish Kejriwal, senior managing director at Temasek said in a statement. Temasek did not say how much it will pay for the stake.

The move comes less than a month after Temasek invested $200 million in the power business of India's GMR Infrastructure GMRI.BO.

NSE has overtaken Bombay Stock Exchange (BSE), Asia's oldest bourse and the owner of India's Sensex stock index. NSE now has about 1,400 listed companies and boasts a daily turnover of $3.2 billion, treble that of the BSE. Both exchanges are unlisted.


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