Hermes Pac. Regulatory News (HPAC)

21 Mar 2006 07:00

India Outsourcing Services PLC21 March 2006 For immediate release 21 March 2006 INDIA OUTSOURCING SERVICES PLC ('India Outsourcing' or 'the Company') Strategic investor increases shareholding India Outsourcing Services plc (AIM: IOS), a company formed to capitalise onacquisition and investment opportunities primarily in the Indian businessprocess outsourcing market, is pleased to announce that it has receivednotification that Wheddon Limited ("Wheddon"), an investment vehicle associatedwith Vincent Tchenguiz' Consensus Business Group ("CBG"), has subscribed for anadditional 1,000,000 ordinary shares of 10p each in the Company at 50p per sharein a private placing. This placing brings Wheddon's total shareholding to1,312,500 shares, equivalent to 13.85 per cent of the Company's issued sharecapital. The new shares will be admitted to trading on AIM on 24 March 2006. Wheddon, which initially invested in India Outsourcing in September 2005, is astrategic investor in the Company. Over the past few months the Company has been working with Consensus, VincentTchenguiz' venture capital arm, to identify opportunities where IndiaOutsourcing could provide offshoring solutions to Consensus' portfoliocompanies. Amit Pau, India Outsourcing's Chief Executive, said: "I am delighted thatWheddon has decided to increase its shareholding in the Company and that wecontinue to work closely with Vincent Tchenguiz and Consensus to provide someinnovative and value adding offshoring opportunities." ENDS For further information: India Outsourcing Services plc Tel: 020 7297 0010Haresh Kanabar, ChairmanAmit Pau, Chief Executive Teather & Greenwood Tel: 020 7426 9000Mark DickensonSindre Ottesen Buchanan Communications Tel: 020 7466 5000Mark Court/Elly Williamson This information is provided by RNS The company news service from the London Stock Exchange