National Stock Exchange of India Ltd. is looking to raise around 100 billion rupees via a planned IPO, Bloomberg News reported Dec. 9, citing "people with knowledge of the matter."

The bourse's board needs to make a final decision on the size of the offering and details could still change, the sources said. They added that the share sale could value the National Stock Exchange of India at up to 400 billion rupees.

The exchange intends to file a draft prospectus for an IPO in December, the sources said. Under the plan, the exchange's existing investors would sell a stake of around 25% in the bourse, and no new stock will be offered.

Arindam Saha, a spokesman at National Stock Exchange of India, declined to comment on the matter, the news outlet said.

The National Stock Exchange of India offering may compete for investors with rival Bombay Stock Exchange, which filed a prospectus for an IPO with the capital markets regulator in September.

As of Dec. 9, US$1 was equivalent to 67.52 Indian rupees.