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This is an archive article published on October 26, 2012

CESC to buy 49.5 stake in Firstsource

CESC on Thursday said it will acquire 49.5 per cent stake in business process outsourcing firm Firstsource Solutions for Rs 395 crore

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CESC on Thursday said it will acquire 49.5 per cent stake in business process outsourcing firm Firstsource Solutions for Rs 395 crore,marking the Kolkata-based power companys entry into the BPO space.

The Sanjiv Goenka-promoted company will also look to acquire an additional 19.84 crore shares from the public through a mandatory open offer at Rs 12.20 per share.

While the diversification will help the RP-Sanjiv Goenka Group,mitigate its exposure to the risky power business,Firstsource said it will use the money to repay its foreign currency bondholders.

 

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