The Hindu Business Line : Mumbai University plans BSE listing

Mumbai March 31 Mumbai University hopes to become the first Indian university to be listed on the stock exchange. The university has initiated the idea of going public to raise money to improve its infrastructure and offer scholarships.

"The university has set aside Rs 2 lakh from its budget to find out whether it is possible for a State-funded university to list itself and the effect of such a step," said Dr Vijay Khole, Vice-Chancellor, Mumbai University.

It is felt that a listing on the Bombay Stock Exchange will lend more credibility to the university and raise the aspirations of the students and their parents.

Committee report

The university budget committee has passed a Rs 2-lakh provision to prepare a feasibility report to work out if it will be possible for a subsidised State-run university to go public. "A committee comprising academicians and experts from the corporate world will conduct the study," said Dr Khole.

"The idea is that if in India we can have public sector units floating IPOs, then why can't a university do the same," said Dr Venkatesh Kumar, a member of the varsity's budget committee.

"If it is found to be plausible, the matter will be taken up with the Government and permission will be sought from the ministries involved," Dr Kumar said.

Fund sourcing

The 150-year-old University, governed by the Maharashtra Universities Act, 1994, has received around Rs 250 crore from the Centre and State for various projects. "It would be nice not be dependent on the Government. Right now, apart from the Government, we are dependent on the corporate sector and the alumni for funds. Getting listed on the Bombay Stock Exchange will give us another way to raise money," said Dr Kumar.

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