Mumbai: NYSE-listed WNS (Holdings) Ltd, a business process outsourcing (BPO) services provider, has said that private equity firm Warburg Pincus plans to sell 12.62 million American depositary shares (ADSs) in an underwritten public offering, subject to market and other conditions, .
Warburg Pincus, WNS’s largest stakeholder with a 29% stake, also intends to grant the underwriters of the proposed offering a 30-day option to purchase an additional 1.89 million ADSs to cover over-allotments, if any, WNS said in a statement on Wednesday.
WNS is among India’s top three pure-play BPO providers. As of 31 December, WNS had 25,931 employees across 31 delivery centres worldwide including Costa Rica, India, the Philippines, Poland, Romania, South Africa, Sri Lanka, the UK and the US.
Warburg Pincus had called off plans to sell its stake in WNS in 2009. In early 2012, it cut its stake from 48% to 29% through a $110 million secondary public float priced at $9.25 apiece.
WNS does not intend to sell any ADSs in the proposed offering and will not receive any proceeds from the sale by Warburg Pincus, the release said. Assuming the over-allotment option is exercised in full by the underwriters, Warburg Pincus will have no remaining shareholdings in WNS following the offering.
Bank of America Merrill Lynch and Wells Fargo Securities are acting as joint book-running managers and Baird, William Blair and Janney Montgomery Scott are acting as co-managers for the offering.