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November 9, 2009

ICICI, Temasek, Metavante To Sell Stakes In Firstsource

Together the three firms own 68% stake in the India-based BPO

By CBR Staff Writer

ICICI Bank, an India-based private lender, Temasek Holdings, a Singapore-based investment company and another large shareholder have revived plans to sell their stakes in India-based BPO firm Firstsource Solutions, reported Reuters.

Reportedly, ICICI, Temasek’s Aranda Investment and Metavante, a US-based banking technology group, together own 68% stake in Firstsource. Their joint holding is valued at $220m. However, conforming to Indian regulations, the sale is said to attract a public offer of further 20% in the company.

Earlier, the firms hired Goldman Sachs and tried to sell the India-based BPO for about $400m, but buyers walked out at the last minute due to the global financial turmoil. This time, it has been reported that the firms have hired Citigroup to arrange the deal.

Sources close to the matter said: The sale process is just starting, we are preparing the ground. Target buyers would primairly be private equity investors and software services companies that have back-office units, reported the news agency.

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