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NRI investor from Dubai boosts stake in India stock exchanges
Balachandran, executive chairman and CEO of Buimerc Corporation Ltd, now owns 7.685 million shares of NSEIL
Dubai-based non-resident Indian businessman Siddharth Balachandran
Dubai-based non-resident Indian businessman Siddharth Balachandran has increased his stake significantly in India’s two largest stock exchanges.
The move has consolidated Balachandran’s position as one of the largest individual shareholders to NSEIL (National Stock Exchange of India Ltd) and the single-largest individual shareholder of the Bombay Stock Exchange Ltd. (BSE Ltd).
Balachandran, executive chairman and CEO of Buimerc Corporation Ltd, now owns 7.685 million shares or 0.35 per cent of NSEIL. He is also the largest individual shareholder of BSE Ltd, holding 3.7 per cent or 5.0 million shares of the company.
The current market capitalisation of NSEIL, as an unlisted company, is Rs 3.21 trillion and that of BSE is Rs 350 billion.
NSEIL is the largest stock exchange in India, and fourth largest in the world, with almost 93 per cent market share in the capital market cash segment, and with a near 97 per cent market share in the equity derivatives segment, with BSE Ltd accounting for the balance. The recent bonus announcement has resulted in a surge in the valuation of NSEIL.
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