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Our Bureau

Bangalore , Oct. 13

MPHASIS BFL Ltd has informed the BSE that Mr Jaithirth Rao, Chairman and CEO, MphasiS, has been allotted 2,88,946 shares of the company under the preferential allotment guidelines of the Securities and Exchange Board of India, for buy out of the minority holders equity in MsourcE Corporation, USA.

Before the buy-out, MphasiS Corporation held a 69.14 per cent stake in MsourcE and has since bought out the balance stake held by minority shareholders. During the announcements of the second quarterly results for 2004-05, the company announced its intention to buy out the 30.86 per cent stake held by the minority shareholders in MsourcE for Rs 187 crore.

Post-acquisition, there is a proposal to merge MsourcE into MphasiS Corporation. "We are going for an integrated IT-BPO model," said Mr Ravi Ramu, Chief Financial Officer, MphasiS BFL.

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