A Chinese-led consortium placed a bid of 28 Pakistani rupees per share for a 40% stake in Pakistan Stock Exchange Ltd.

The consortium, consisting of Shanghai Stock Exchange, Shenzhen Stock Exchange, Chinese Futures Exchange, Pak-China Investment Co. Ltd. and Habib Bank Ltd., made a bid of 8.96 billion rupees, Pakistan-based The Express Tribune reported Dec. 22.

The transaction is subject to approval by the Securities and Exchange Commission of Pakistan.

Four strategic investors had submitted bids for a stake in the Pakistan bourse, with the divestment previously reported to complete by Dec. 27.

The Pakistan Stock Exchange will now offer a 20% stake in itself to the public within six months of the completion of the transaction, as per divestment policy, the report said.

As of Dec. 22, US$1 was equivalent to 104.83 Pakistani rupees.