Wednesday, April 2, 2008

Kapil Puri to sell off Sparsh stake

Kapil Puri, original promoter of Sparsh BPO, now owned by Blackstone controlled Intelenet, has decided to sell his residual stake of 12%.

Intelenet is awaiting regulatory approvals for the buyback. Puri intends to offer it all to intelenet, but incase of a spillover, will selloff to outsiders.

The sell off comes as he heads to develop Spanco's new BPO business after the may2007 no compete agreement has expired. Spanco's new BPO has already clocked Rs.35 Cr. of revenue

Intelenet, itself, has undergone a key change after buying out Sparsh. It went through a management buyout backed by PE firm Blackstone, which now owns 80% stake in the company

Reports ET

1 comment:

rajesh said...

old and present promoters sud not be allowed to participate in the open offers ..... if they really want to exit then they sud do so thru the markets ...
b'cos open offers were meant to provide an exit to the small shareholders; it sud not be allowed to be used by the promoters to get a good exit price