Soros in talks to buy 4% stake in BSE

Billionaire investor George Soros is in advanced talks to buy a four per cent stake in the Bombay Stock Exchange for about $40 million (nearly Rs 185 crore).

George Soros is in final talks to buy Dubai Holding's 4 per cent stake in the BSE, UK daily Financial Times said in a report.

Meanwhile, talking to reporters here, BSE chief executive Madhu Kannan on Wednesday declined to comment on the issue, adding that the transaction is independent from the exchange.

"I do not like to comment on this. But I can say it is a transaction independent of us," Kannan said.

Quoting sources, the FT report said that Soros Fund Management is planning to pay about $40 million for its stake, valuing Asia's oldest bourse at about $1 billion.

"If it happens, it will be a sign of confidence in the Bombay Stock Exchange," Kannan added.

Dubai Holding, the group owned by the emirate's ruler Sheikh Mohammed bin Rashid al-Maktoum, had reportedly been looking to exit the BSE for sometime.