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K.R. Srivats

New Delhi, Aug. 15 The Foreign Investment Promotion Board (FIPB) is likely to consider on Friday a clutch of four investment proposals that would lead to buyout of 16 per cent stake in Delhi Stock Exchange, which is one of the country’s oldest stock exchanges.

Although only four investment proposals relating to the DSE are currently proposed to be taken up for approval, a senior DSE official said that plans are afoot to convince the FIPB to consider all the six applications on Friday. The six investment proposals involve cumulatively 26 per cent foreign direct investment in DSE, which is required to complete its demutualisation exercise by August 28.

“We have actually sent to FIPB six proposals involving cumulative FDI for 26 per cent stake buy,” a senior DSE official told Business Line. The official, however, declined to go into the pricing, stating that the DSE boa rd was yet to take a final call on the issue.

The four proposals that are lined up for Friday’s meeting are from Kuwait-based Noor Financial Investment Company, Wilmette Holdings Ltd, Mauritius, Passport India Investments (Mauritius) Ltd and Mr Bhupendra Kumar Modi .

Sources said that Mr B.K. Modi (non-resident) is looking to pick up one per cent stake and the other three are looking at 5 per cent stake each.

As per SEBI guidelines, no person or person in concert can take more than 5 per cent of the equity capital of a stock exchange.

Already a number of domestic companies have evinced interest in picking up 5 per cent stake in the DSE. The domestic companies which are understood to have expressed interest in participating in the DSE’s demutualisation exercise include Suraj Diamonds, Om Metals, Parsvanath Developers and Bennett Coleman &Co Ltd.

Meanwhile, the board is also likely to, at its Friday meeting, consider the issue of allowing foreign investment in ICICI Financial Services Ltd.

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