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GE to sell Genpact shares worth $100 Mn
By siliconindia
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Monday, 17 December 2007, 20:30 IST
Mumbai: Through a private transaction, General Electric (GE) has agreed to sell Genpact shares worth about $100 million (around Rs 400 crore) to an affiliate of a limited partner in one of Genpact's other shareholders.
"Genpact is a good partner and continues to provide valuable support to our operations. This transaction is simply a part of our normal and on-going portfolio management activities and we look forward to a long and productive relationship," said a GE spokesman.
"We welcome this diversification of our ownership base. We continue to have an excellent relationship with GE both as a client and as a shareholder. Our continuing significant revenue growth from GE is a reflection on the quality of this relationship," said Pramod Bhasin, President & CEO, Genpact.
The company got listed on the NYSE earlier this year with an initial public offering (IPO) of 35.3 million common shares, priced at $14 per share. The listing in NYSE helped the company to raise $494 million. Genpact has also granted the underwriters an option to purchase up to an additional 5,294,118 shares to cover over-allotments.
Oak Hill Capital and General Atlantic are some of the other shareholders in the company. General Atlantic, and Oak Hill Capital Partners together hold a total of 52 percent, 26 percent each. With the listing, the share of GE in its Genpact has come down to 23 percent from the earlier 28 percent.