New Delhi, Feb. 6 -- National Stock Exchange of India Ltd (NSE) has formally approved its initial public offering (IPO), paving the way for the country's largest stock exchange to list on the bourses after a prolonged delay.

The offer will see stake sale by existing shareholders, the company said in a regulatory filing on Friday. NSE's proposed IPO will see shares carry a face value of Re 1 each, the exchange notified.

The company might see a 4-4.5% stake sale, which might take up to eight months, chief executive officer Ashishkumar Chauhan had told reporters earlier this month.

The exchange also approved the formation of an IPO committee to oversee and execute the listing process. Such a panel is mandatory for companies without promot...