The Bombay Stock Exchange has agreed to sell 41 per cent stake to a clutch of domestic and foreign investors for about 385 million dollars, subject to regulatory approvals.

Asia's oldest stock exchange has finalised the investors, but the names could not be disclosed due to pending approvals from the Securities and Exchange Board of India, Foreign Investment Promotion Board, Reserve Bank of India and other processes currently underway.

"We are waiting for regulatory approval and other operations to get completed, then we will announce the names of the other investors," BSE's Managing Director and CEO Rajnikant Patel told reporters after the listing ceremony of ICRA Ltd on the exchange in Mumbai.

BSE to sell 41% stake for $384mn

Asked whether the fate of the potential investors had been sealed from the BSE side, Patel told PTI: "Yes". BSE has received interest from over 20 leading domestic financial institutions, foreign funds, domestic corporate houses and reputable high net worth individuals which was substantially more than required for the demutualisation of the exchange, BSE had said after its Board meeting on Thursday.

The exchange would sell 25 per cent stake to domestic investors and 16 per cent to foreign investors at a price of Rs 5,200 per share, aggregating to about Rs 1655 crore or Rs 16.55 billion ($385 million).

"We will be announcing the names of the investors by middle of May," Patel said. BSE has to meet the deadline of May 19 to bring down member brokers' stake to 49 per cent as part of the demutualisation process.

BSE has already offloaded 10 per cent stake in the exchange to Deutsche Boerse and Singapore Stock Exchange at a price of Rs 5,200 per share.