Forex

Xchanging, London-headquartered pure play BPO giant, is mounting a bid to acquire Cambridge Solutions in a deal valued close to $250 million.

However, the promoter-shareholders at one of India’s leading BPO companies are not united on a sellout at the price offered. The FTSE listed $1-billion Xchanging has offered Rs 82 per share to Cambridge promoters pegging the company’s valuation at Rs 913 crore (around $230-250 million), bankers close to the Indian company said.

While a set of promoters including the NRI Chanderia family, former Pepsico chairman Chris Sinclair and Cambridge vice-chairman Satyan Patel — who together hold 30% in the company — are learnt to be backing the offer, the company’s largest individual shareholder Ramesh Vangal and ex-McKinsey CEO Rajat Gupta reportedly feel that the bid undervalues the company.

Sources said Mr Vangal may be exploring the possibility of structuring a counter offer in the next few weeks, and has not taken a decision on Xchanging’s offer. The Vangal-Gupta combine hold a little over 18% in the Bangalore-based company.