BSE selects 14 banks for IPO

The BSE is looking at a valuation of about Rs 4,000-5,000 crore for its initial public offering (IPO), which is likely to hit the market June next year.

The exchange is seeking an offering that would value it at about Rs 4,000-5,000 crore, sources close to the development said.

Besides, the BSE has finalised 14 banks, including five foreign banks, to manage its planned IPO, sources said.

The foreign banks are Bank of America Merrill Lynch, JPMorgan, Barclays Capital, UBS and Deutsche Bank. The Indian banks include ICICI Bank and Kotak Mahindra Bank.

The proposed IPO is primarily aimed at giving an exit to existing shareholders who hold over 41 per cent of equity.

Investindustrial may buy Aston Martin stake

Overtaking the bid of Indian automaker Mahindra & Mahindra Limited, private equity fund Investindustrial is near an agreement to buy a stake in British sports-car maker Aston Martin.

London-based Investindustriald has not yet signed a deal with Aston Martin and the exact size of the stake transaction, which values the automaker at about £750 million ($1.21 billion) including debt, has not yet been determined, corporate sources said.

M&M was reportedly one of the two front-running bidders for a 50 per cent stake in Aston Martin for a value of about £250-300 million (Rs 2,600 crore). Kuwait's Investment Dar is majority shareholder in the company.

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