Wednesday 28 July 2010

Soros set to buy stake in Bombay exchange


George Soros, the billionaire investor, is in final talks to buy Dubai Holding’s 4 per cent stake in the Bombay Stock Exchange, as foreign investor interest in India’s fast-growing financial markets rises, people close to the matter said.

Soros Fund Management is planning to pay about $40m for its stake, valuing Asia’s oldest bourse at about $1bn, said a person involved in the negotiations.

The deal is the latest in a series of strategic investments in India’s stock and derivatives exchanges, which are diversifying into new asset classes and embracing new technologies to attract so-called “high-frequency” traders.

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