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Summary Box: Soros buys stake in Bombay exchange

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The Associated Press | August 20, 2010 12:07 PM EST | AP


THE DEAL: Billionaire George Soros' Quantum hedge fund has purchased Dubai Financial Group's 4 percent stake in the Bombay Stock Exchange. The deal values Asia's oldest exchange at over $800 million.

THE BACKDROP: Soros' investment comes as India works to modernize its capital markets, opening new exchanges, streamlining trading and introducing new products, like currency futures. With retail stock ownership still low and a booming economy, India's stock markets are of increasing interest to foreign investors.

THE EXCHANGE: Brokers own 44 percent of the BSE, with public shareholders controlling the rest. The BSE had 4,990 listed companies as of July and a market capitalization of $1.4 trillion, according to its website.