Mumbai, Nov. 23: ICICI OneSource — the country’s fifth largest business process outsourcing company — plans to come out with an initial public offering (IPO) of 6 crore fresh equity shares.

The ICICI group is offloading another 3.56 crore shares to the existing shareholders.

The company is also rechristening itself as Firstsource as the ICICI group plans to pare its stake in the company after the public issue.

At present, the ICICI group has a 49.96 per cent stake in the company. This includes 10.66 per cent held by ICICI Bank and 39.30 per cent held by ICICI Strategic Investment Fund (SIF).

After the public issue, the ICICI group’s shareholding will come down to 34.02 per cent with ICICI bank diluting 1.53 per cent and SIF diluting 14.23 per cent stake. The other major investors in the company are Sequoia Capital India with 10.94 per cent, Temasek Holdings of Singapore with 25.8 per cent, and Metavante Corp with 12.36 per cent.

Although the company refused to give any indication of the total size of the IPO, Rajesh Subramanian, CFO of Firstsource, said, “Of the IPO proceeds, we are looking at Rs 180 crore for acquisitions, Rs 46 crore as our capital expenditure and Rs 45 crore will be kept aside to repay loans.”

Ananda Mukerji, MD & CEO of Firstsource, said, “The rebranding to Firstsource is a natural evolutionary step for the company.”

CLSA stake

Mauritius-based CLSA Merchant Bankers has acquired an additional 1.03 per cent stake in ICICI Bank for about Rs 816.43 crore through open market transactions.

CLSA picked up the shares in a bulk deal on the BSE at a price of Rs 880.50 per share.