Mumbai: HDFC and Barclays Bank said on 18 June they will exit their joint venture Intelenet Global Services by selling stakes to SKR BPO Services, co-owned by Blackstone GVP Capital and Intelenet management, for an undisclosed amount.
Intelenet Global Services Pvt Ltd (IGSPL), with gross assets of $107 million, provides business processing services to local and global customers. It was established in 2004 as an equal joint venture between Barclays and HDFC.
“HDFC launched Intelenet at a time when the BPO sector was developing rapidly. We are happy to have been associated with Intelenet in its journey towards growth and leadership in the BPO industry,” HDFC executive director Renu S Kamad said in a communique to the Bombay Stock Exchange (BSE).
Following the conclusion of the transaction, Intelenet will continue to provide services to Barclays in relation to certain processes currently offshored to India.
The BPO company has also agreed to assist Barclays in establishing a wholly-owned BPO in India, which will serve Barclays’ incremental offshoring requirements going forward.
Shares of HDFC rose 2% gaining Rs36 and were last trading at Rs1,773.10 on the BSE.
Meanwhile in a related development, Sparsh BPO Services said it has been asked by the SKR board to execute the share purchase agreement and purchase 68.4 million equity shares (being 100% of the voting capital) of IGSPL.
IGSPL holds 51% of the voting capital of Sparsh BPO.
“Since the acquisition of the equity shares of IGSPL by SKR BPO Services results in an indirect acquisition of control of the company, which could also be regarded as an indirect acquisition of the shares, SKR BPO is to make an open offer to the public shareholders,” Sparsh BPO Services informed the BSE.
SKR BPO Services will make an open offer to purchase up to 3.23 million shares (20% of the issued share capital of the company) at an offer price of Rs200 a share.
Assuming full subscription, the open offer would cost SKR BPO Services about Rs64.59 crore.
Reacting to the news, shares of Sparsh BPO Services touched upper circuit limit of Rs218.75. They later pared gains amidst profit-booking to last trade at Rs202.50, down 2.55% on the BSE.