SKR to acquire Intelenet, takesover Sparsh BPO

Mumbai, Jun 18: Housing Development Finance Corporation (HDFC) today said they and Barclays Bank have mutually agreed to sell their entire shareholding in the Indian- Business Processing Outsourcing (BPO) operation, Intelenet Global Services (Intelenet), to SKR BPO Services (SKR).

SKR is jointly owned by the management of Intelenet and the Mauritian-based Blackstone Capital Partners group, a leading global private equity investor.

Intelenet provides business processing services to a variety of local and international customers and was a 50/50 joint venture between Barclays and HDFC with a gross assets of USD 107 million.

Now, following the conclusion of this transaction, Intelenet will continue to provide services to Barclays in relation to certain processes currently offshored to India, an official statement said.

The BPO has also agreed to assist Barclays in establishing a wholly owned BPO operation in India which will serve Barclays incremental offshoring requirements.

Company Executive Director Renu S Kamad said, ''HDFC launched Intelenet at a time when the BPO sector was developing rapidly. We are happy to have been associated with Intelenet in its journey towards growth and leadership in the BPO industry. The BPO business today needs more focus and we believe that the new arrangement would provide the right impetus. We see the development as a win-win situation for all of us. We wish the management of Intelenet all success.'' Meanwhile, in a communique to the Bombay Stock Exchange (BSE) Sparsh BPO Services said they have been informed by the Board of Directors of SKR BPO Services they have resolved to execute a Share Purchase Agreement to purchase 68,398,726 equity shares of Intelenet Global Services Pvt Ltd (IGSPL).

This implies that they would now have 100 per cent of the voting capital in IGSPL, which holds 51 per cent of the voting capital of the company. It may be noted here that Sparsh BPO is a subsidiary of IGSPL.

Since the acquisition of the equity shares of IGSPL by SKR, the development actually results in an indirect acquisition Sparsh BPO too.

SKR BPO is to make an Open Offer to the public shareholders of the company under regulation 10 and 12 of the SEBI (Substantial Acquisition of Shares and Take-overs) Regulations 1997.

Accordingly, SKR BPO Services Pvt Ltd has intimated to Sparsh, that they shall make an Open Offer to purchase up to 3,229,500 fully paid up equity shares, that constitute 20 per cent of the issued share capital of the company. The offer price will be Rs 200 per share for a total offer consideration of approximately Rs 645.90 million, assuming full acceptances are received in the offer, the communique added.

UNI