Stocks

Sparsh BPO plans delisting

Mumbai | Updated on January 24, 2011

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Intelenet Global Services plans to delist its India focused arm, Sparsh BPO, by acquiring 25.06 per cent of the public shareholding.

JM Financial, managers to the issue, on behalf of Intelenet Global Services said in a notice to the exchanges that it will buyback 40.46 lakh shares at Rs 68.6 a piece (floor price). The board has approved a price not exceeding Rs 80 a share (indicative offer price) for the delisting offer.

Bidding will open on January 31 and close on February 4. The last date of upward revision or withdrawal of bids is February 3.

Shares of Sparsh BPO closed down marginally by 0.27 per cent at Rs 92.05 on the BSE on Thursday. The company is not listed on the NSE.

The promoters owned a 74.94 per cent stake as on September 30, while the public owned 25.06 per cent. Intelenet is the largest promoter shareholder with a 54.99 per cent stake.

Intelenet Global Services in December 2005 acquired Sparsh, the domestic business process outsourcing venture of Spanco Telesystems and Solutions. This is the second company this year to announce its delisting programme. BOC India announced its delisting plans last week.

Published on January 24, 2011

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