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Corporate Announcement

Security Code : 532761    Company : HOVS    
Clarifies on News Item 
  Exchange Disseminated Time     
With reference to news item appearing in leading financial daily titled "BPO co SourceHOV put on block with $1.2 bn price tag", HOV Services Ltd has clarified to BSE as under :

"The Company has not appointed investment banker Morgan Stanley (or any other merchant banker) for a sale.

The company has a step down subsidiary in the US which holds about 27.2 % shares of SourceHOV Inc. Citigroup Venture Capital International (CVCI) is a Private Equity group with many investments and is the majority shareholder in SourceHOV and keeps exploring several options for sale of different assets of CVCI including SourceHOV, which is a common practice among private equity groups.

As far as our information goes, there are no discussions that have reached definitive stage (that there are no agreements which the company presently proposes to enter), which requires information to be supplied to the stock exchange."


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