Sparsh BPO to acquire Intelenet Global Services Pvt Ltd

Sparsh BPO Services Ltd has announced that the Company has been informed by the Board of Directors of SKR BPO Services Pvt Ltd ("SKR BPO") that it has resolved in its meeting held on June 17, 2007, to execute the Share Purchase Agreement to purchase 68,398,726 equity shares (being 100% of the voting capital) of Intelenet Global Services Pvt Ltd ("IGSPL").

IGSPL holds 51% of the Voting Capital of the Company. The Company is a subsidiary of IGSPL.

Since the acquisition of the equity shares of IGSPL by SKR BPO Services Pvt Ltd results in an indirect acquisition of control of the Company, which could also be regarded as an indirect acquisition of the shares in the Company which are held by IGSPL, 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 Takeovers) Regulations 1997.

Accordingly, SKR BPO Services Pvt Ltd has intimated to the Company that they shall make an Open Offer to purchase up to 3,229,500 fully paid up equity shares (constituting 20% of the issued share capital of the Company) at an offer price of Rs 200.00 per share for a total offer consideration of approximately Rs 645.90 Million (assuming full acceptances are received in the Offer).

Source : Equity Bulls

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