Mumbai:
HDFC and Barclays Bank will exit BPO business by selling their joint venture
Intelenet Global Services Pvt Ltd (IGSPL) stakes to SKR BPO Services, co-owned
by Blackstone GVP Capital and Intelenet Management, for an undisclosed amount.
An equal joint
venture between HDFC and Barclays, Intelenet provides business processing services
to local and international customers and has gross assets of $107 million. "HDFC
launched Intelenet at a time when the BPO sector was developing rapidly. We are
happy to have been associated with Intelenet in its journey towards growth and
leadership in the BPO industry," HDFC executive director Renu S Kamad said
in a filing with the Bombay Stock Exchange (BSE). Intelenet
will continue to provide services to Barclays in relation to certain processes
currently offshored to India . Besides, it will assist Barclays in establishing
a wholly-owned BPO in India , which will serve Barclays'' incremental offshoring
requirements. In
a related development, the board of directors of SKR BPO has asked Sparsh BPO
Services, a 51 per cent IGSPL outfit, to execute the share-purchase agreement
and purchase 6.84 crore equity shares (being 100 per cent of the voting capital)
of IGSPL. "Since
the acquisition of the equity shares of IGSPL by SKR BPO Services results in an
indirect acquisition of control of the company, which could also be regarded as
an indirect acquisition of the shares, SKR BPO is to make an open offer to the
public shareholders," Sparsh BPO Services informed the BSE. SKR
BPO Services will make an open offer for acquiring up to32.29
lakh equity shares (constituting 20 per cent of the issued share capital of the
company) at an offer price of Rs200 per share. The
open offer would cost SKR BPO Services about Rs64.59 crore on full subscription.
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