
Mumbai: The board of directors of Bombay Stock Exchange have recommended a hefty bonus of 12 shares for every share held by shareholders, subject to approvals.
The board, which met on Saturday, also re-elected Jagdish Capoor as Chairman of the Exchange.
The bonus issue will increase the capital base of BSE, making for easier listing of the exchange’s shares, said market men. Just such a request had been made at the last AGM of the exchange where member brokers had wanted the listing of BSE shares to be expedited.
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SEBI’s recent easing of restrictions on shareholding in stock exchanges — increasing ownership limits for institutional entities from 5 per cent to 15 per cent — could create some demand for BSE shares, they felt.
BSE was demutualised, or made a corporate entity 18 months ago. Deutsche Bourse and Singapore stock exchange had picked up 5 per cent stake each at Rs 5,200 a share.
BSE is a cash-rich exchange with reserves of nearly Rs 1,600 crore, said sources. For fiscal 2007-2008, BSE had paid a dividend of 3,000 per cent.
Around 50 per cent of the shares in BSE are held by 600 to 700 broker-members. The rest of the stake is held by Deutsche Bors
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