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International relations

Dhaka Stock Exchange picks China's bid for stake over India's

Decision by Bangladeshi bourse could intensify Beijing-New Delhi rivalry

YUJI KURONUMA, Nikkei staff writer | China

NEW DELHI -- Bangladesh's stock exchange has selected a Chinese offer for a 25% stake in the bourse, although the decision still requires a green light from authorities, which appear to favor a competing Indian bid.

In an effort to modernize, the Dhaka Stock Exchange is selling a quarter of its 1.8 billion shares to foreign players. A consortium of China's Shanghai and Shenzhen bourses offered to pay 22 taka per share for a total of 9.9 billion taka ($119 million), in addition to $37 million worth of technical support. Meanwhile, India's National Stock Exchange, Nasdaq of the U.S. and other partners offered 15 taka a share.

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