It will pave the way for CESC’s entry into the BPO space
SpenLiq Pvt Ltd., a wholly-owned company of CESC, has inked an agreement with FirstSource Solutions Ltd (FSL),for subscribing to 34.5 per cent of the latter’s expanded share capital.
Pursuant to this arrangement, SpenLiq has announced a mandatory open offer in compliance with the SEBI takeover regulations.
SpenLiq has also executed a separate share purchase agreement to buy, collectively, 15 per cent of FSL’s expanded share capital from three of its existing shareholders, according to a CESC communiqué. This would take SpenLiq’s total holding to 49.5 per cent. CESC is the ‘person acting in concert’ as for the open offer for share acquisition goes. The share price has been fixed at Rs.12.2 for the open offer for acquisition 19.8 crore shares of Rs.10 each. This SpenLiq acquisition of FirstSource will pave the way for CESC’s foray into the business process outsourcing space.
Chairman of the RP-Sanjiv Goenka group Sanjiv Goenka, who is also the Vice-Chairman of the group flagship CESC, said: “Given the current limitations of growth opportunities in the power sector, we have been looking at entering the BPO space for a while. FirstSource presents a very good opportunity in high-growth BPO verticals.’’
ICICI Securities has acted as the managers to the offer. FSL was originally promoted by ICICI.
FSL , in a positing on the bourses, said that its board had approved a preferential allotment in favour of SpenLiq. The proceeds would be used for redemption of foreign currency convertible bonds.