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Intelenet Global Services Pvt Ltd, with gross assets of 107 million dollars, provides business-processing services to local and international 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.
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.
Meanwhile in a related development, Sparsh BPO Services said it has been asked by the board of directors of SKR BPO Services to execute the share purchase agreement and purchase 6.84 crore equity shares (being 100 per cent of the voting capital) of IGSPL.
IGSPL holds 51 per cent 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 32.29 lakh equity shares (constituting 20 per cent of the issued share capital of the company) at an offer price of Rs 200 per share.
Assuming full subscription, the open offer would cost SKR BPO Services about Rs 64.59 crore (Rs 645.9 million).
Reacting to the news, shares of Sparsh BPO Services touched upper circuit limit of Rs 218.75. They later pared gains amidst profit-booking to last trade at Rs 202.50, down 2.55 per cent on the BSE.