Deutsche Bank to pick up 5% in DSE

Deutsche Bank is likely to pick up a 5 per cent stake in DSE from the member brokers as the exchange has already divested its 51 per cent to non-members, a top DSE official said.

The bank is currently seeking Foreign Investment Promotion Board's (FIPB) approval for acquiring stake in the bourse and the stake transfer is expected to be completed within two months, he added.

 

DSE would not issue any fresh equity to the bank, but the member brokers would offer up to 5 per cent of their stake, he said.

The exchange has reserves of Rs 98 crore, a bank balance of Rs 75 crore and has 379 members. Currently, about 2,884 companies are listed on DSE. Of these, 1,800 are exclusively listed on the bourse.

Earlier, the exchange sold 5 per cent stake to overseas companies for a consideration of Rs 10.61 crore each. Some of the firms which picked up stakes include Mauritius-based Wilmette Holdings, Kuwait's Noor Financial Investment and Ikarus Industrial Petroleum Company.