Soros takes stock
Source: Agencies |
August 21, 2010, Saturday
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Print Edition
Print Edition
BILLIONAIRE George Soros' Quantum hedge fund has purchased Dubai Financial Group's 4 percent stake in the Bombay Stock Exchange, an exchange official said, in a deal that values Asia's oldest exchange at more than US$800 million.
The shares were transferred on Thursday and valued at 375 rupees to 380 rupees (US$8-US$8.15) each, which would value the 135-year-old exchange at US$800 million to US$850 million, said a top BSE official, who spoke on condition of anonymity.
Soros' investment comes as India modernizes its capital markets, opening new exchanges, streamlining trading and introducing new products, such as currency futures.
The shares were transferred on Thursday and valued at 375 rupees to 380 rupees (US$8-US$8.15) each, which would value the 135-year-old exchange at US$800 million to US$850 million, said a top BSE official, who spoke on condition of anonymity.
Soros' investment comes as India modernizes its capital markets, opening new exchanges, streamlining trading and introducing new products, such as currency futures.
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