Genpact on Thursday said private equity firm Bain Capital will acquire 30 per cent stake in the BPO major for $1 billion from General Atlantic and Oak Hill Capital.
"General Atlantic and Oak Hill Capital will sell a minority stake worth $1 billion in Genpact to Bain Capital at an ex-dividend share price of $14.76 ($17 pre-dividend), or a (0.9 per cent) discount to August 1 closing price," Genpact said in a statement.
Under the recapitalisation plan, Bain will own a 30 per cent stake in Genpact and will nominate 4 (out of 10) directors to Genpact's board, replacing the current GA/Oak Hill nominees, it added.
Post the stake sale, GA and Oak Hill will each own five per cent stake in Genpact, down from 20 per cent earlier.
Genpact began operations in 1997 as an India-based unit of General Electric that assisted the US company's finance division.
Besides, the company has set up a $500-million debt-funded special dividend.
Morgan Stanley is acting as Lead Financial Advisor to the Company on the $1 billion sale of minority stake.