Sept. 1 (Bloomberg) -- IFCI Ltd. plans to sell its 5.44 percent stake in National Stock Exchange of India Ltd., the nation’s largest bourse, within two months, two company officials with direct knowledge of the matter said.
The state-controlled financier, based in New Delhi, is negotiating with overseas private equity firms, one of the officials said, declining to comment before a public announcement. IFCI will use the proceeds for investments that offer higher returns, the official said, without providing details.
IFCI, which initially held a 12.44 percent stake in the Mumbai-based bourse, in 2007 sold 7 percent to Goldman Sachs Group Inc., NYSE Group Inc., General Atlantic LLC and Softbank Asian Infrastructure Fund.
The financier expects to raise about 6 billion rupees ($128 million) from the latest sale, the second company official said. That would value the National exchange at about $2.4 billion.
The bourse’s other existing investors include Temasek Holdings Pte, which bought a 5 percent stake from NYSE Euronext in May for $175 million.
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