Datamatics to acquire 2.58% stake in Datamatics Staffing Services; Stock under pressure

21 Jan 2022 , 11:14 AM

The Board of Directors of Datamatics Global Services Limited (DGSL) at its Meeting held on January 20, 2022, has approved, to acquire 2.58% stake in Datamatics Staffing Services Limited (DSSL) from the Promoters and other existing shareholders.

DSSL is a subsidiary of the company in which it holds 97.42% stake and balance 2.58% stake is held by Promoters and other shareholders. Post the above acquisition, DSSL will become wholly-owned subsidiary (WOS) of the company. The total cost of acquisition is Rs27,16,560/-.

DSSL is engaged in providing consultancy in relation to recruitment services of skilled and unskilled personnel. It also engaged in providing outsourcing services of manpower staffing to corporates.

“The objective of the acquisition is to convert DSSL into a wholly-owned subsidiary in order to consolidate the Company’s position in DSSL,” company said in a filing on Thursday.

At around 11.16 am, Datamatics Global Services Ltd was trading at Rs333.40 per piece down by Rs5.85 or 1.72% from its previous closing of Rs339.25 per piece on the BSE.