MUMBAI (BLOOMBERG) - BSE Ltd., Asia's oldest stock exchange, is seeking shareholder approval to sell as much as a 30 per cent stake.

The bourse plans to sell a minimum of 10 per cent, with an option to raise the size to 30 per cent if more shareholders are keen to sell their holdings, according to a notice from the company. The exchange is closely held by member brokers and overseas firms including Deutsche Boerse AG and Singapore Exchange Ltd.

The BSE could offer the shares at 500 rupees apiece, valuing itself at about 54 billion rupees (S$1.105 billion), said Nitin Rao, founder of AlphaIdeas, a market-maker for the exchange's stock. The company is expected to go public by January 2017, he said.

The Multi Commodity Exchange of India Ltd., the only listed Indian exchange, is valued at 49 billion rupees.

A BSE spokesman declined to comment on the valuation and timing of the sale, which were first reported by Mint newspaper. The bourse will hold its annual shareholder meeting on June 24, according to the notice.

The National Stock of Exchange of India has submitted a plan to the market regulator to separate its core and non-core businesses and has sought approval to allow listing on itself. Rules issued in November by the Securities & Exchange Board of India for exchange IPOs do not permit self-listing.