Indian billionaire Rakesh Jhunjhunwala acquired a 3.8% stake in Firstsource Solutions Ltd, a business processes outsourcing company after former investors Temasek and ICICI Bank exited. Temase is a sovereign wealth fund from Singapore while ICICI Bank is a leading private sector lender.
The stake was bought for RUP25 crore on the National Stock Exchange today.
The Singaporean sovereign wealth fund only has 2 million shares left in the company after selling 20 million at RUP10.01 per share. On the other hand, ICICI Bank's selling at RUP10 per unit prompted the bank's total exit from Firstsource. The two investors previously held 3.35% and 6.88% stake in Firstsource respectively.
Temasek, almost completely exiting Firstsource, ended its decade old investment. The loss of Temasek from the exit amounts to over 50%.
Firstsource posted a 25% increase in profit as shares of the company rocketed by 19.92% today, hitting RUP11.62.
Billionaire Jhunjhunwala's first stake purchase from an exiting private equity investor was his DB Reality stake acquisition from Trinity Capital Plc.
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