CESC to acquire 34.5% stake in Firstsource

Open offer to be for Rs 12.10 per share

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CESC, promoted by Sanjiv Goenka, today informed that it plans to acquire 34.5% stake in business process outsourcing firm Firstsource.

In a note to the Bombay Stock Exchange the company said that Spen Liq, a wholly owned CESC subsidiary, is entering into an agreement with Firstsource Solutions to subscribe to 34.5% of FSL’s expanded paid up share capital.

CESC will be ‘a Person Acting in Concert’ along with SpenLiq which will make a mandatory open offer in terms of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011. The open offer price will be Rs 12.10 per share.

SpenLiq is also executing a separate Share Purchase Agreement with three of FSL’s existing shareholders to purchase, collectively, 15% of FSL’s total expanded share capital from them.

At present ICICI Bank, Aranda Investment of Temasek Holdings, and Metavante Investments. These three investors hold about 56.84% stake in the company.