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BSE to issue bonus shares ahead of IPO

The Bombay Stock Exchange has decided to issue bonus shares to its shareholders in the ratio of 12 new shares for every one held to broaden its capital base ahead of the proposed IPO.

business Updated: Feb 20, 2009 23:18 IST

The Bombay Stock Exchange (BSE) has decided to issue bonus shares to its shareholders in the ratio of 12 new shares for every one held to broaden its capital base ahead of the proposed IPO, a top official said on Friday. The expansion in capital will enable the exchange to go for an IPO, BSE non-executive Chairman Jagdish Capoor told PTI after a board and extraordinary general meeting of the bourse in Mumbai.

As of last year's balance sheet of the exchange, it has a capital of about Rs 78 lakh.

The board recommended the issue of bonus shares and the shareholders approved it, he said.

The exchange, however, will not immediately go for a public offer as it has sought more information on some issues from market regulator Sebi.

The BSE shareholders mainly comprise - brokers, some financial institutions, a few private entities and foreign bourses.

Regarding the appointment of a new CEO for the exchange, Capoor said they are working on it.