Sequoia sells partial stake in Firstsource

Sequoia sells partial stake in Firstsource
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First Published: Fri, May 18 2007. 01 53 AM IST
Updated: Fri, May 18 2007. 01 53 AM IST
Bangalore: Sequoia Capital India, a venture capital firm that manages a $750-million (Rs3,075 crore) fund focused on investments in India, has sold 4.45% of its holding in Firstsource Solutions (formerly ICICI OneSource) to the SUN Group, a global investment and business group, for $42 million.
The sale leaves the venture capital firm with a 5% stake in Firstsource, a company listed on the Bombay Stock Exchange, with its scrip trading at Rs89.50 at close on 17 May.
Sequoia Capital was among the early investors in the firm, which provides BPO services to clients in the banking and financial services, telecom, media and healthcare sectors in the US.
Firstsource has delivery centres in India, the US, the UK, Argentina and will soon set up a centre in Philippines. The Firstsource investment will help the SUN Group increase its investments in the technology sector.
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First Published: Fri, May 18 2007. 01 53 AM IST
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