board approves acquisition of minority shareholding in MsourcE Corporation
Bangalore, February 27, 2004
The Board of Directors of MphasiS
BFL Group in a meeting held today recommended the following proposals
for the approval of the shareholders of MphasiS BFL Ltd.
a) To acquire the minority shareholding of approximately 25.26%
and also to convert the employee stock option scheme holders of
approximately 5.60% in its BPO subsidiary, MsourcE Corporation,
through a combination of cash and shares of MphasiS BFL Limited.
The approximate valuation of MsourcE Corporation under this proposal
works out to $145 million.
b) To enable the management to proceed with the required steps to
list the shares of MphasiS BFL Limited on an American Stock Exchange
through the issue of ADRs.
Consequent to the above, the Board decided to convene an Extraordinary
General Meeting of the shareholders of MphasiS BFL Limited.