Singapore state investor Temasek Holdings (TEM.UL) said today it will buy a 5% stake in leading Indian bourse the National Stock Exchange of India (NSE).

“We see our investment in NSE as a good proxy to India’s economic growth and the development of its capital markets,” Manish Kejriwal, senior managing director at Temasek said in a statement.

Temasek did not say how much it paid for the stake, but a report on India’s VCCircle website said NYSE Euronext (NYX.N) plans to sell its 5% stake in NSE for just over US$150 million ($206 million).