ICICI OneSource renamed as 'Firstsource'

Mumbai, Nov 23: ICICI OneSource Ltd now renaming itself as ''Firstsource Solutions Ltd'' has filed Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering(IPO) of 95.6 million equity shares.

Addressing a press conference here today, Mr Ananda Mukerji said the company has filed a registration statement and a prospectus with SEBI today as a precursor to its planned listing on the Bombay Stock Exchange(BSE) and the National Stock Exchange(NSE).

Further, he said the IPO envisages a fresh equity issue of 60 million equity shares and 35.6 million equity shares being offered for sale by the ICICI Group, while the IPO price is to be determined by the 100 per cent book building process.

The IPO would constitute 23 per cent of the post IPO capital of Firstsource, Mr Mukerji said and clarified the total paid up capital of the company post-IPO stands at Rs 416 crore.

Currently, that is Pre-IPO, ICICI Group is the single largest shareholder having 50 per cent equity of the company, while Temasek Holdings holds 25.3 per cent and others including Westbridge Capital Partners-now managed by Sequoia Capital India-having the remainder.

Commenting on the renaming, Mr Mukerji said the rebranding to 'Firstsource' is a natural evolutionary step for the company, which is proud to have been promoted by the ICICI Group. ''With both the ICICI Group and us expanding rapidly overseas it is necessary that we establish our distinct identities.'' DSP Merrill Lynch and Deutsche Equities India are the Book Running Lead Managers(BRLM) to the IPO, while ICICI Securities is the Co-BRLM to the issue.

UNI