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Mphasis board approves EDS' offer of acquiring 52 pc stake

Written by: Staff
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Mumbai, Apr 4 (UNI) The board of BPO services company - Mphasis has approved US-based global IT services giant EDS' offer to acquire 52 per cent stake in the company for USD 380 million.

''We are supportive of this transaction and look forward to its successful closure,'' Mphasis Chairman and CEO Jerry Rao said in a release issued here today.

EDS plans to acquire 83 million shares (52 per cent) in the Bangalore-based company. If at least 83 million shares are not tendered in the offer, EDS would not accept any shares, the company has said.

Refuting reports that he plans to join EDS at a senior management position, Mr Rao said, ''I intend to live in India and look forward to continuing to run Mphasis.'' A large part of the Mphasis shares are held by foreign institutional investors, mutual funds and banks.

Recently, Baring India Investments Ltd was looking at a buyer for its 34.90 stake in the company, but did not go ahead with the deal as it found the offers unattractive.

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