Outsourcing major EDS will announce a conditional open offer to acquire a majority stake in MphasiS BFL Ltd., a listed Indian IT and BPO services company. EDS will offer $4.58 per share in cash, pursuant to Indian securities regulations, says a media release from the Texas-based company, which is of late on a recovery path. The offer price is approximately 30% premium to the 26-week average price of MphasiS in the Indian stock markets.

The offer will be contingent upon EDS acquiring 83 million shares, representing approximately 52% of current shares outstanding. If at least 83 million shares are not tendered in the offer, EDS will not accept any shares tendered. At current exchange rates, total purchase price for the 83 million shares is approximately $380 million. EDS expects this transaction to be completed by early third quarter.

“This offer is complementary to our overall strategy to enhance EDS’ presence and capabilities in India,” says Mike Jordan, Chairman and CEO, EDS.

MphasiS currently has more than 12,000 employees, including about 11,000 in India. MphasiS serves clients in multiple industries, including financial services, transportation, technology and healthcare.