It was reported Monday, that billionaire financier George Soros and philanthropist George Kaiser are competing to purchase close to 4 percent in the Bombay Stock Exchange (BSE).

The report said that while Soros has bid for the BSE stake, held by Dubai Financial Group LLC, through Soros Fund Management LLC, Kaiser has it via private equity fund Argonaut.

Nearly 3.92% stake is held by Dubai Financial, part of sovereign fund Dubai Holding in the exchange, which was bought by it in 2007.

New York-based private equity firms J. C. Flowers and Caldwell Investment are the other investors who have bid for the BSE stake.

A spokesperson for BSE declined to comment on the development. Comments could also not be gathered from officials at Avendus Capital, the adviser to the deal.