Warburg may exit WNS Holdings
The PE player, which holds 29% stake in the Mumbai-based BPO company, also intends to grant the underwriters of the proposed offering a 30-day option to purchase an additional 1.89 million ADSs to cover over-allotments, if any, WNS said in a statement. Share of WNS closed at $13.26, up 0.45% on February 5 at the NYSE.
The company said that it does not intend to offer any ADSs in the proposed offering and will not receive any proceeds from the sale of ADSs by Warburg Pincus.
Assuming the over-allotment option is exercised in full by the underwriters, Warburg Pincus will have no remaining shareholdings in WNS following the offering, the BPO firm noted in a statement.
ADS are US dollar-denominated equity share of a foreign-based company, which is available for purchase on an American stock exchange like the NYSE or Nasdaq.
Early last year, the PE firm, which had been with WNS for more than 10 years, reduced its stake to 29% from 48% through a $110-million secondary public float. BofA Merrill Lynch and Wells Fargo Securities are acting as joint book-running managers and Baird, and Janney Montgomery Scott are acting as co-managers for the offering. WNS said it will also file with the SEC a prospectus supplement with respect to the offering.
During the October- December
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