Mumbai June 18 HDFC and Barclays Bank have decided to sell their stakes in the Mumbai-based unlisted joint venture BPO, triggering an open offer to the public shareholders in Sparsh Ltd, a listed subsidiary of the latter.
They sold their stake in Intelenet Global Services — BPO firm — for an undisclosed amount to SKR BPO Services Ltd, promoted jointly by Blackstone Capital Partners Mauritius V-B Ltd, and the management of Intelenet.
According to Intelenet's officials, the management of Intelenet will hold 20 per cent stake in SKR while Blackstone will have 80 per cent.
The sources familiar with the deal said Blackstone would be paying $200 million for the 80 per cent stake.
Mr Susir Kumar, CEO, Intelenet, said, "With the present management team continuing to be in charge of operations, it will represent a seamless change of ownership and business as usual for all our stakeholders."
Since this amounts to an indirect acquisition of Sparsh, the listed subsidiary of Intelenet (it owns 51 per cent), Blackstone will make an open offer for purchase of 20 per cent of Sparsh equity at a price of Rs 200 per share.
Intelenetprovides business-processing services to around 60 local and international clients. The company has over 17,000 employees.
Intelenet will continue to provide services to Barclays in relation to certain processes currently off-shored to India. Intelenet has also agreed to assist Barclays in establishing a wholly owned BPO operation in India, which will serve Barclays' incremental off-shoring requirements, said a notice to the BSE from HDFC.
The BPO company was originally set up by HDFC and TCS as a 50:50 joint venture in 2000. In 2004, TCS sold its stake to HDFC for Rs 161 crore. Subsequently, HDFC sold 50 per cent to the UK-based Barclays.
After the deal, SKR will also hold a stake in Intelenet's listed subsidiary, Sparsh BPO Services Ltd.