IFCI to sell 2.5% stake in NSE in next 15 days

State-owned IFCI is likely to sell its 2.5% stake in stock exchange NSE in the next 15 days which may fetch the financial institution about Rs 500 crore.

"NSE sale is very much on the radar...We are in advance talk with a private equity firm on the valuation. Hopefully, the deal would be finalised in 10-15 days," IFCI Managing Director Malay Mukherjee told PTI.

Infrastructure lender IFCI at present holds 5.44% stake in the premier bourse.

IFCI, country's oldest financial institution, initially held 12.44% stake in NSE, but sold seven% to Goldman Sachs Group Inc, NYSE Group Inc, General Atlantic LLC and Softbank Asian Infrastructure Fund in 2007.

In December, 2012, the financial institution become a state-owned entity with government getting 55.53% stake by conversion of optionally convertible bonds.

Besides IFCI, state-owned IDBI Bank also intends to exit NSE by selling its 5% stake in the bourse by end of the current fiscal.

At the end of quarter ending September 2014, the public sector lender held early 23 lakh shares of the National Stock Exchange (NSE) representing a 5% stake in the bourse.

The NSE commands a market value of nearly USD 3.5 billion (about Rs 21,000 crore) as per the previous transaction. This would peg the value of IDBI's 5% stake at more than Rs 1,000 crore.

As per the latest shareholding pattern, other major shareholders of NSE are Life Insurance Corporation (10.51%), State Bank of India (10.19%), and IDFC (5.33%).