Kapil Puri, the original promoter of Sparsh BPO Services which is now owned by Blackstone-backed outsourcing firm Intelenet Global Services, has decided to sell his about 12% residual stake in the firm either through Intelenet’s open offer or in the stock markets. After the sale, Mr Puri will focus on growing the nascent BPO practice of Spanco Telesystems. The open offer, which was originally set to open in August 2007, has been delayed and Intelenet is still awaiting regulatory approval for it. Mr Puri told ET he would tender his stake in the offer when it opens and will also sell off any stake not accepted by Intelenet.
“Since we have our own BPO business now under Spanco BPO, it does not make sense to hold personal stake in any other BPO venture unless it’s Spanco’s investment that is of strategic nature,” Mr Puri said. Spanco, which sold Sparsh to Intelenet in 2005, could not start its own BPO operations until May 2007 under a non-compete agreement with the acquirer. It did get into the business after the deadline and the new venture has reached revenues of Rs 35 crore. The stake is the only bond connecting Mr Puri with Sparsh and the sale will bring the deal to its logical conclusion. Intelenet, itself, has undergone a key change after buying out Sparsh. It went through a management buyout backed by private equity firm Blackstone, which now owns 80% stake in the company.