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ICICI OneSource is now Firstsource

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RECHRISTENED: Anand Mukerji (left), MD & CEO, Firstsource with Rajesh Subramaniam, Chief Financial Officer at a press conference in Mumbai on Thursday.
RECHRISTENED: Anand Mukerji (left), MD & CEO, Firstsource with Rajesh Subramaniam, Chief Financial Officer at a press conference in Mumbai on Thursday.

To come out with initial public offering

MUMBAI: ICICI OneSource on Thursday rechristened itself as Firstsource Solutions Ltd. while announcing its plans to tap the capital markets to part finance its acquisition plans, debt repayment and other corporate purposes.

The company, which proposes to list on the Bombay Stock Exchange and the National Stock Exchange, has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India for a public issue of 9.56 crore equity shares to be priced through the book building route. "The company has reached a size and scale to make that transition from a private company to a public limited company,'' Firstsource Managing Director and CEO Ananda Mukerji told reporters here.

Firstsource has now ICICI group as the largest shareholder with about 50 per cent stake, followed by Temasek with 26 per cent stake, Metavante Corporation with 12.4 per cent and Sequoia Capital through Westbridge Capital Partners with about 10.9 per cent stake.

"Post-issue ICICI would continue to remain the largest shareholder with a stake of 34.21 per cent with ICICI Bank's 9.13 per cent stake,'' Firstsource CFO Rajesh Subramaniam said.

The post-issue paid up capital would be close to Rs. 416 crore.

On the question of a pre-placement of shares, Mr. Mukerji said the company had retained the decision but it would be determined by the merchant bankers. PTI


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