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Singapore Exchange to divest 4.75% stake in BSE

Singapore Exchange Ltd. will divest its 4.75% stake in BSE Ltd. as part of the Indian stock exchange's IPO.

The Singapore bourse said Jan. 19 that its stake in BSE is valued at between S$42.8 million and S$42.9 million, using the Jan. 17 exchange rate. This represents an approximately S$2 million loss upon disposal.

BSE is planning to list 15.4 million shares, with the IPO price band fixed at 805 Indian rupees to 806 rupees per share. The IPO will commence Jan. 23 and close Jan. 25, and the shares are expected to be listed on or around Feb. 3.

The disposal is in line with SGX's strategy to be more broadly involved in emerging opportunities in India.

SGX does not expect the disposal to have a material effect on its net tangible assets or EPS for the current financial year.

As of Jan. 19, US$1 was equivalent to S$1.43 and 68.11 Indian rupees.