CESC unit to buy 34.5% stake in Firstsource Solutions

MUMBAI: Spen Liq, a wholly owned subsidiary of CESC, is entering into an agreement to acquire 34.5 per cent in Firstsource Solutions. This will trigger a mandatory open offer in line with the Securities and Exchange Board of India’s substantial acquisition of shares and takeover regulations.

SpenLiq is also executing a separate share purchase agreement with three of FSL’s existing shareholders to purchase, collectively, 15 per cent of FSL’s total expanded share capital from them.

Shares of FSL ended at Rs 14.24, up 7.63 per cent on the BSE. It touched a high of Rs 14.40 and a low of Rs 13.26 in trade today.