India's largest BPO company Genpact has set the ball rolling for a $600 million (around Rs 2,500 crore) initial public offer on New York Stock Exchange that will see existing shareholders selling their stake and fresh shares being issued.

"The company has filed a registration statement with US Securities and Exchange Commission for a proposed initial public offering of its common shares," the company said in a statement.

In its filing, the company said all the existing shareholders -- GE, Oak Hill and General Atlantic -- will be selling their shares in the company, which started as a captive centre for General Electric.

In 2004, Oak Hill and General Atlantic picked up 30 per cent each in the company. Now they want to offload a part of their holding. The company, however, did not give details of how much each investor will sell and the fresh shares that will be on offer.

The company proposes to use the proceeds of the offering to repay debt, fund acquisitions and for working capital expenses. Genpact's long-term loans stand at $133 million while its short-term debt is $103 million.

Morgan Stanley, Citi and JPMorgan are the bookrunning managers for the issue as well as the underwriters.

After the reorganisation, Genpact has been working as an independent company. Now its non-GE business accounts for 25.8 per cent of its revenues.

It also has a master services agreement with GE that would ensure revenues to Genpact till 2013. Even if no business flows from GE, Genpact will get a minimum assured payment, the statement said.

Its delivery centres have gone up to 23 from 11 in 2004 while the number of employees has grown to 26,060 in 2006 from 16,031 two years back.

In 2006, the company's revenues grew 24.8 per cent year on year to 613 million dollars while the net income grew 132 per cent to $39.2 million.