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

ChrysCapital picks up 15% stake in telecom firm Spanco Telesystems

Networking and system integration company Spanco Telesystems has diluted a stake of 15% stake to private equity firm ChrysCapital. The financial details of the deal have not been disclosed.

Spanco expects to benefit from the domestic IT spend by telecom service providers, defence, state governments as they roll out networks, including SWANs for e governance initiatives. The company has grown revenues and profits at a CAGR of 60% and 108%, respectively over the previous three years and is well positioned to continue on its growth path paved with new initiatives in the arenas of RFiD and enhanced presence in the European and Middle Eastern markets. It has recently been awarded a 10-year, nation-wide outsourcing contract from Indian Railways.

Read The Economic Times article.