NVP to buy 2.1 per cent in NSE for Rs 250 cr
Norwest Venture Partners (NVP) and IL&FS Securities Services Limited (ISSL) on Wednesday announced signing of agreement to acquire 2.1 per cent equity in the National Stock Exchange at around Rs 250 crore, reports HT Correspondent.business Updated: Jun 03, 2009 20:38 IST
Norwest Venture Partners (NVP) and IL&FS Securities Services Limited (ISSL) on Wednesday announced signing of agreement to acquire 2.1 per cent equity in the National Stock Exchange at around Rs 250 crore. The NVP would be purchasing the shares from ISSL.
The NSE is regarded as one of the best operated exchanges globally, with world-class technology systems, a proven management team, and a wide range of products. Sohil Chand, managing director of NVP India said, “The Indian market continues to show great potential and the fundamentals of the Indian economy are strong. NVP is pleased to align itself with the largest stock exchange in India.”
Promod Haque, Managing Partner of NVP said, “We look forward to working with Ravi Narain, MD of NSE, and his talented team of executives to help contribute to the growing success of the NSE,” he said. Going by the amount to be paid, total valuation of NSE stands at Rs 12,000 crore.
While Exchange valuations have dropped dramatically in all developed markets, the NSE remains well regarded in terms of quality of operations, management and secular growth. This transaction has been approved by the NSE board of directors, and is expected to close within the next week.
Commenting on the deal Arun Saha, Chairman of ISSL said, “NVP is an important addition to NSE’s marquee group of pedigreed global financial investors, and we are pleased to welcome the firm as a key stakeholder in NSE.”