General Atlantic Cuts Xchanging Stake to 9.9%

(Reuters) – Private equity firm General Atlantic cut its stake in its portfolio company Xchanging Plc (XCH.L) to 9.99 percent, the British outsourcing group said on Thursday.

General Atlantic, which sold about 15.6 million shares in Xchanging on Sept. 9, held 17.81 percent, or about 39.1 million shares, in the company as on Feb. 27.

Following the sale of shares by General Atlantic, Xchanging said Tom Tinsley, its non-executive director, had resigned. Tinsley is a managing director at General Atlantic.

Xchanging shares closed at 229.5 pence on Wednesday on the London Stock Exchange. (Reporting by Balachander Surianarayanan in Bangalore; Editing by Aradhana Aravindan)