CESC offers to acquire 49.5% stake in Firstsource for Rs 395cr

Power company CESC today said it has offered to buy 49.5 per cent stake in Firstsource Solutions (FSL) for Rs 394.9 crore in all cash deal through its wholly-owned subsidiary SpenLiq to expand its business with entry into BPO business.

CESC has offered to purchase 34.5 per cent shares at price of Rs 12.10 each in FSL initially and later purchase additional 15 per cent stake for Rs 12.2 each share in the firm from one of the promotor company ICICI Bank and two investor firms, Metavante Investments and Aranda Investments, CESC said in a statement.

Meanwhile, Firstsource in a BSE filing, said its Board of Directors have resolved to issue around 22.69 crore shares to SpenLiq, which constitute 34.5 per cent of post issue paid-up capital of the company.

"Given the current limitations of growth in the power sector, we have been looking at entering the BPO space for a while. FirstSource presents a very good opportunity in high growth BPO verticals and has a very strong management team," CESC Ltd Vice-Chairman Sanjiv Goenka said.

Shares of CESC closed at Rs 332 a piece, down by 3.02 per cent, and those of Firstsource closed at Rs 14.24 a piece, up by 7.63 per cent, at the BSE.

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