Firstsource Solutions Ltd issue opens on Jan 29

Mumbai, Jan 24 (UNI) First Solutions Ltd (formely ICICI OneSource) today announced that it is entering the capital market on January 29 with its initial public offering of 69.30 million equity shares of Rs 10 each for cash at a premium to be decided through a 100 per cent book building process.

''The price band for the issue has been fixed between Rs 54 and Rs 64 per share. The issue closes for subscription on February 2,2007. The issue of 69.30 million equity shares comprises a fresh issue of 60,000,000 equity shares by the company and an offer for sale of 9,300,000 equity shares by the ICICI Group, including a reservation for cetain eligible employees of upto 1,200,000 equity shares of Rs ten each. The issue will constitute 16.65 per cent of the fully diluted post issue equity shares capital of the company,'' Firstsource Solutions Ltd Managing Director cum CEO Mr Ananda Mukherji told mediapersons here today.

''The Company itends to use the net proceeds of the issue to make acquisitions, set up a new facilities, repay a loan and for general corporate purposes. Firstsource will be listing its shares on both the NSE and BSE. The company has over 74 leading organisations as customers, including six ''Fortune Global 500'' banks, two ''Fortune Global 500'' telecommunications companies and three ''Fortune 100'' healthcare companies,'' said Mr Mukherji.

UNI