Warburg Pincus eyes entire WNS stake sale for $192 mn
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Warburg Pincus's stake sale plan in BPO firm WNS makes up
its entire holding of over 14.5 million American depositary shares (ADS) - the private equity firm expects to raise about USD 192 million from it.
"Warburg Pincus is proposing to offer and sell 12,625,343 ADSs (in WNS) in an underwritten public offering, subject to market and other conditions," WNS said in a statement.
Warburg Pincus also intends to grant the underwriters of the proposed offering a 30-day option to purchase up to an additional 1,893,801 ADSs to cover over-allotments, if any, it added.
ADS are US dollar denominated securities of a foreign company listed on a US stock exchange.
Calculated on the basis of the closing price of WNS on February 5 at USD 13.20 at the NYSE, the offering could mop up funds to the tune of USD 191.65 million.
WNS said it does not intend to offer any ADS and will not receive any proceeds from the sale of ADS by Warburg Pincus in the offering.
"Assuming the over-allotment option is exercised in full by the underwriters, Warburg Pincus will have no remaining shareholdings in WNS following the offering, it said.
BofA Merrill Lynch and Wells Fargo Securities are acting as joint book-running managers and Baird, William Blair & Company and Janney Montgomery Scott are acting as co-managers for the offering.
WNS will also file with the SEC a prospectus supplement with respect to the offering, it said.
Warburg Pincus had acquired a controlling stake in WNS from British Airways in May 2002. Last year, it reduced its stake from 48 per cent to 29 per cent through a USD 110 million secondary public float priced at USD 9.25 apiece.
WNS net profit for the October-December quarter was USD 6.1 million, while revenues were at USD 120.2 million.