Business Daily from THE HINDU group of publications
Friday, Jun 30, 2006
Business Daily from THE HINDU group of publications Friday, Jun 30, 2006 |
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Info-Tech
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Outsourcing Markets - Foreign Institutional Investors Vishwanath Kulkarni
Bangalore June 29 Having booked good returns after part-selling its stake in MphasiS BFL in the recently concluded EDS open offer, Baring India Investment Ltd plans to hold on to its remaining 11.31 per cent stake in the IT services and BPO firm for few more years. "We will continue to hold on to this stake in MphasiS for another two to three years" said Mr N. Subramaniam, investment partner, Baring India Investment Ltd. "We are hopeful that our investors will back us in this move," he added. Baring realised close to Rs 772 crore (about $170 million) by selling its 23.38 per cent stake (3.775 crore shares) in MphasiS BFL in the recent open offer. In fact, Baring which was looking out for an exit option for some time now, had tendered its entire 34.73 per cent holding in MphasiS during the open offer. EDS acquired about 83 million shares, about 52 per cent stake in MphasiS at Rs 204.5 a share in a cash deal exceeding $380 million. But, as the EDS open offer was oversubscribed by close to 50 per cent, about one-third of the shares tendered were being returned back on a pro-rata basis to shareholders, who participated in the offer, sources said. As a result of this, Baring would continue to own 1.826 crore shares in MphasiS.
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