Citigroup to buy out Indian affiliate<\/p>\n
BOMBAY: U.S. banking giant Citigroup said on Monday it plans
\nto buy out its Indian affiliate, e-Serve International, an IT-
\nenabled services company, for some 5.5 billion rupees (US$127
\nmillion).<\/p>\n
Citigroup now holds a 44.4 percent stake in e-Serve and plans
\nto acquire the rest of the stake held by the public at a price of
\nabout 800 rupees per share.<\/p>\n
\"The price of 800 rupees per share presents a compelling
\nopportunity for e-Serve's shareholders to tender their shares,\"
\nCitigroup said.<\/p>\n
The offer price represented a 27 percent premium to the
\nclosing price April 8, the last trading day before the offer was
\nmade, and a premium of 26 percent to the 52-week average price,
\nit said.<\/p>\n
\"The price will provide e-Serve's shareholders with an
\nopportunity to exit from a relatively liquid investment that has
\nappreciated substantially in recent years,\" Citigroup said.<\/p>\n
After the acquisition, Citigroup would delist the company from
\nIndian bourses.<\/p>\n
Since 1999, e-Serve has provided transaction processing,
\ncustomer care solutions and technology services to Citibank India
\nand Citigroup businesses in Europe, Africa, North America and
\nSouth Asia.<\/p>\n
The company has more than 5,000 employees.--AFP<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/citigroup-to-buy-out-indian-affiliate-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }