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Corporate: Mourant Ozannes advises WNS on New York Stock Exchange Offering

Leading offshore law firm, Mourant Ozannes, has advised long-standing client WNS (Holdings) Limited on its public offering of American Depositary Shares (ADSs) on the New York Stock Exchange.

WNS is a leading global business process outsourcing company incorporated in Jersey, with its principal executive office located in India. WNS delivers an entire spectrum of business process outsourcing services such as finance and accounting, customer care, technology solutions, research and analytics and industry-specific back-office and front-office processes. WNS has over 22,000 professionals across 25 delivery centres worldwide, including Costa Rica, India, the Philippines, Romania, Sri Lanka and United Kingdom.

The public offering included both an offer of new ADSs by WNS and a sale of ADSs by Warburg Pincus, WNS' largest shareholder. WNS' net proceeds from its sale of new ADSs in the offering amounted to approximately $45.5 million, after deducting underwriting discounts and commissions and estimated offering expenses which are payable by WNS. WNS intends to use the net proceeds from the offering for general corporate purposes, which may include capital expenditures, acquisitions, refinancing of indebtedness and working capital. WNS will not receive any proceeds from the sale of ADSs by Warburg Pincus in the offering. BofA Merrill Lynch and Deutsche Bank Securities Inc. were joint book-running managers and Baird, William Blair & Company and Janney Montgomery Scott were co-managers.

Mourant Ozannes had previously advised WNS on its initial public offering (IPO) on the New York Stock Exchange in 2006, as a result of which WNS is believed to have become the first Jersey company with a primary listing on the New York Stock Exchange.

The Mourant Ozannes team working on the deal included partners James Hill and John Rainer and associates Andrew Salisbury and Amy Demetriou. Mourant Ozannes worked closely with leading law firm Latham & Watkins LLP, who acted as US counsel to WNS on the transaction.

Commenting on the transaction, James Hill said:

"We are delighted to have advised WNS on this deal. We have advised the company for some years, and this is another stage in the WNS story. Deals such as this continue to show the attraction of Jersey as a jurisdiction for Indian and other businesses to locate their holding companies, particularly when looking to list on one of the world's main stock exchanges, such as the New York Stock Exchange."

Ronald D'Mello, WNS general counsel, said:

"We enjoy working with Mourant Ozannes. They are always responsive and turn things around quickly."

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