BPO company Genpact to float $600 million IPO on NYSE
New Delhi: India's largest BPO company Genpact plans to float a 600 million dollar (around Rs2,500 crore) initial public offer on the New York Stock Exchange. The initial public offer will lead to existing shareholders selling their holding and fresh shares being issued.

In its filing, the company said all the existing shareholders -- GE, Oak Hill and General Atlantic — would sell part of their stakes in the company, which was initially a captive centre for General Electric.

In 2004, Oak Hill and General Atlantic picked up 30 per cent each in the company. Now they want to offload a part of their holding.
The company, however, did not give details of how much each investor will sell and the fresh shares that will be on offer.

The company would use the proceeds of the offering to repay debt, fund acquisitions, and for working capital expenses.

Genpact's long-term loans stand at 133 million dollars while its short-term debt is 103 million dollars.
Back to News Review index page  

Jet plans to raise $400 million through rights issue
Mumbai: Jet Airways is planning a $400-million rights issue to fund its expansion plans.

Officials said the proposal being vetted by merchant bankers, is likely to be cleared in two weeks and the issue would come through in 4-5 months.

Jet Airways would use part of the fund - about $50 million - for Jetlite, the renamed Air Sahara, which it acquired recently.

The airline also plans to add 22 new aircraft to its fleet by 2008, of which 10 will be Airbus 330 and another 10 Boeing 777. The airline also plans to set up a dedicated cargo airline. Cargo accounts for about six per cent of the airline's business, which is targeted to go up to 10 per cent in the current fiscal.
Back to News Review index page