Nasdaq stock falls as Borse Dubai set to sell shares in secondary offering

Borse Dubai will offload about 26.96 million shares of the exchange operator as part of a , according to a statement released after the closing bell on Tuesday.

Nasdaq shares closed the regular session up 3.6% at $62.46. At that price, Borse Dubai would receive about $1.7 billion from the share sale.

"Subject to completion of the offering, Borse Dubai intends to agree to an 18-month lock-up of its remaining shares controlled by Nasdaq, with a right to designate a nominee to the Nasdaq board of directors so long as it continues to own at least 10% of Nasdaq's outstanding shares as of the date hereof," the statement said.

Following the offering, Borse Dubai will become the second-largest shareholder in Nasdaq, with about 62.4 million shares or about 10.8% of the company's outstanding shares.

U.S. private equity firm Thoma Bravo will become Nasdaq's largest shareholder, holding a 12.5% stake in the U.S. exchange with about 71.6 million shares.