Spen Liq Private Limited, a wholly owned subsidiary of CESC has acquired 49.5 per cent stake in business process outsourcing firm Firstsource Solutions for Rs.400 crore..This comprises of a direct subscription of 34.5 percent in the company by way of additional shares totaling to about Rs. 280 crore. CESC will also buy 5 percent each from three of the existing shareholders, ICICI, Temasek and Fidelity totaling to Rs 120 crore..Amarchand Mangaldas advised Firstsource with a team led by Partners SH Bhojani and Amita Choudhary along with Competition Law Partner Nisha Kaur Uberoi..Khaitan & Co advised CESC with a team led by Partners Haigreve Khaitan, Aakash Choubey and Arindam Ghosh..The proceeds of the issue shall be utilized towards redemption of its outstanding foreign currency convertible bonds (FCCBs)..According to the CESC press release, CESC will also offer to buy another 26 per cent from public shareholders. Including the open offer, the Kolkata-based group expects to invest about Rs. 600 crore, after which it will be the single largest shareholder with a stake of up to 75 per cent depending on the success of the open offer.
Spen Liq Private Limited, a wholly owned subsidiary of CESC has acquired 49.5 per cent stake in business process outsourcing firm Firstsource Solutions for Rs.400 crore..This comprises of a direct subscription of 34.5 percent in the company by way of additional shares totaling to about Rs. 280 crore. CESC will also buy 5 percent each from three of the existing shareholders, ICICI, Temasek and Fidelity totaling to Rs 120 crore..Amarchand Mangaldas advised Firstsource with a team led by Partners SH Bhojani and Amita Choudhary along with Competition Law Partner Nisha Kaur Uberoi..Khaitan & Co advised CESC with a team led by Partners Haigreve Khaitan, Aakash Choubey and Arindam Ghosh..The proceeds of the issue shall be utilized towards redemption of its outstanding foreign currency convertible bonds (FCCBs)..According to the CESC press release, CESC will also offer to buy another 26 per cent from public shareholders. Including the open offer, the Kolkata-based group expects to invest about Rs. 600 crore, after which it will be the single largest shareholder with a stake of up to 75 per cent depending on the success of the open offer.