SKR BPO Services Pvt Ltd to announce opern offer for Sparsh BPO

Sparsh BPO Services Ltd has announced that the Company has been informed by Intelenet Global Services Pvt Ltd ("IGSPL") that a share purchase agreement has been entered into by SKR BPO Services Pvt Ltd with Barclays H&B (Mauritius) Ltd and Housing Development and Finance Corporation Ltd 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, the Company understand that SKR BPO Services Pvt Ltd 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, the Company has been informed that SKR BPO Services Pvt Ltd 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).

Further the Company has informed that, the date of the Board Meeting of SKR BPO Services Pvt Ltd referred to in the earlier announcement dated June 18, 2007 should be read as "June 16, 2007" and not as "June 17, 2007".

Source : Equity Bulls

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