PE firms get an opportunity to reduce their stake in Genpact
SOURCE: Press Release
DATE: March 15th, 2010
Looks like Genpact investors are getting to offload some of their stake in Genpact and cash out. Genpact stock has risen over the last year , almost doubling, from it’s low of 8 last year and a number of their investors are looking to cash out. GE, General Atlantic, Oak Hill Partners and Wells Fargo ( Wachovia) . The offer price has not been announced but the current price is around 14. The stock has fallen after the announcement.
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Genpact Limited (NYSE: G), a leader in managing business processes, today announced a secondary public offering of 28 million common shares. The shares are being sold by certain shareholders, consisting of affiliates of the General Electric Company, General Atlantic, Oak Hill Capital Partners and Wells Fargo & Company. In connection with the offering, certain of the selling shareholders have granted to the underwriters an option to purchase up to 4.2 million additional shares.
Genpact will not receive any proceeds from the offering.
Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. are lead book-running managers of the offering. Citigroup Global Markets Inc., UBS Securities LLC and Credit Suisse Securities (USA) LLC are serving as joint book-running managers. J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC are serving as co-lead managers.
A shelf registration statement relating to the offering of the common shares has previously been filed with the U.S. Securities and Exchange Commission and has become effective. The offer is being made by the selling shareholders only by means of a prospectus supplement and accompanying prospectus, forming an effective part of the registration statement. Before investing, you should read the prospectus supplement and the accompanying prospectus for information about Genpact Limited, the selling shareholders and this offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A copy of the prospectus relating to the offering may be obtained from Morgan Stanley & Co. Incorporated, 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department, or by calling (866) 718-1649 or by emailing prospectus@morganstanley.com, and from Goldman, Sachs & Co., Prospectus Department, 85 Broad Street, New York, NY 10004, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com.
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