Mumbai, Feb. 6 -- The board of the National Stock Exchange (NSE) on Friday approved the launch of its long-awaited initial public offering (IPO), paving the way for the country's largest stock exchange to move closer to a public listing.

The proposed IPO will be an entirely offer-for-sale (OFS) by existing shareholders, with no fresh equity issuance, the exchange said in a statement. This means the company will not raise new capital through the public issue, and the proceeds will go to the selling shareholders.

"Considered and approved undertaking an initial public offering (IPO) through an offer for sale by existing shareholders of the company (OFS), for the listing of the equity shares of face value of Re 1 each of the company," NSE s...