Genpact stockholders to relieve of 10 million shares
The NYSE-listed business process management firm has said that two minority stockholders affiliated with worldwide investment firms Bain Capital Investors and GIC, are offloading 5.2% stake in Genpact through a public offering.
Weakening their joint shareholding from 35.1% to 29.9% after the proposed share sale, Twickenham Investment and Glory Entities are selling 10 million shares of Genpact to public shareholders.
As Genpact shares closed at $29.43 per share on New York Stock Exchange (NYSE), the share sale could fetch the two shareholders around $294.3 million. In a statement Genpact said, proceeds from the sale of the common share will be going to the stockholders and will not be received by Genpact.
For sale in one or more transactions on NYSE, in the over-the-counter market, through negotiated transactions or else at prevailing market prices, Citigroup is acting as the only underwriter for the offering and proposes to offer the common shares from time-to-time.