TeamLease acquires Nichepro Technologies

India Infoline News Service | Mumbai | September 21, 201609:34 IST

TeamLease will acquire Nichepro for an enterprise value of Rs. 29.5 crores through its wholly owned subsidiary, TeamLease Staffing Services Private Limited.

TeamLease
TeamLease Services Limited, one of India’s largest staffing companies, announced the signing of a definitive agreement to acquire Nichepro Technologies Private Limited. The transaction remains subject to customary  closing conditions and regulatory approvals.
 
TeamLease will acquire Nichepro for an enterprise value of Rs. 29.5 crores through its wholly owned subsidiary, TeamLease Staffing Services Private Limited. The transaction, which will be immediately accretive to TeamLease’s earnings per share, will be financed with existing  financial resources and is expected to close before the end of October 2016.
 
Announcing the signing, Ashok Kumar Nedurumalli, Managing Director & Co-Founder, TeamLease Services Limited said, “This acquisition strengthens our IT staffing  vertical  and nicely complements our recent acquisition of ASAP Info Systems. The use of staffing by IT Companies is increasing rapidly as they accelerate their productivity focus and look to variablize costs.”

Stock View:
 
Team Lease Services Ltd is currently trading at Rs. 1148, up by Rs. 48.9 or 4.45% from its previous closing of Rs. 1099.1 on the BSE.
 
The scrip opened at Rs. 1149 and has touched a high and low of Rs. 1156 and Rs. 1123.85 respectively. So far 10696(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 1879.11 crore.
 
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1207.7 on 16-Feb-2016 and a 52 week low of Rs. 790 on 28-Apr-2016. Last one week high and low of the scrip stood at Rs. 1122 and Rs. 1051 respectively.
 
The promoters holding in the company stood at 45.61 % while Institutions and Non-Institutions held 27.57 % and 26.07 % respectively.
 
The stock is currently trading above its 50 DMA.

***Note: This is a NSE Chart

 

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