ICICI, major shareholders seek Rs 1,865 crore for Firstsource stake

Economic Times reports the promoters and two major shareholders of Firstsource Solutions have put their combined 68% in the BPO co up for sale. The sellers — ICICI group, Aranda Investments and Metavante — are learnt to be asking for Rs 1,865 crore, or Rs 64 a share, for the transaction. This is based on the fact that Firstsource sold shares in the primary market at this rate last year. If the deal goes through, the successful bidder will have to come out with a mandatory 20% open offer. At the asking price, it will cost the buyer another Rs 550 crore, putting the value of the total transaction at Rs 2,365 crore. Confirming the development, a banker close to the development said the list of suitors includes the Warburg Pincus-controlled WNS Holdings and Genpact. However, no bidder has, so far, expressed willingness to offer more than Rs 57 a share, nearly 11% lower than the expectations of the sellers. He said the potential buyers have put in initial bids and it will take at least a month to close the transaction.