The National Stock Exchange of India (NSE) has invited investment banks to submit proposals for its long-awaited initial public offering, Bloomberg reported, citing people familiar with the matter.

The exchange plans to finalize advisers by mid-March, sources told Bloomberg.

The board has already approved the IPO, while Rothschild & Co. has been appointed as an independent adviser to oversee the listing process and lead the selection of bankers, legal counsel, and other intermediaries, the report said.

The planned IPO is expected to be entirely an offer-for-sale, with existing shareholders divesting about 4% to 4.5% of NSE's equity, Bloomberg noted.

Based on unlisted market prices, the IPO could raise around $2.5 billion, according to Bloomberg.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)