Four law firms – three Indian and one international – shared the honours as advisers on the recent IPO of BSE (the Bombay Stock Exchange), which was oversubscribed 51 times and netted US$184 million. The IPO of what is Asia’s oldest stock exchange was the first IPO of a stock exchange in India.
BSE’s shares will be listed on the National Stock Exchange of India (NSE), as self-listing for a stock exchange is not allowed under the rules of the Securities and Exchange Board of India (SEBI).
AZB & Partners was legal counsel to BSE and Crawford Bayley & Co was legal counsel to the selling shareholders. Nishith Desai Associates and Clifford Chance were legal counsel to the underwriters.
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