TeamLease Services Limited (NSE: TEAMLEASE, BSE: 539658), one of India's largest staffing companies and Evolve Technologies and Services Private Limited ('Evolve'), today announced the signing of a definitive agreement under which TeamLease will acquire a 100% stake in Evolve 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 through existing financial resources. The transaction remains subject to customary closing conditions and regulatory approvals and is expected to close by the end of November 2017. Evolve will continue to operate as a separate and independent entity post acquisition.
Announcing the signing, Ashok Reddy, Managing Director, TeamLease Services said "the acquisition of Evolve is in line with our long term strategy of expanding our footprint into specialized areas of staffing. We are excited to be associated with Evolve at a point when the IT infrastructure to support the rapidly expanding telecom user base in the country is undergoing a massive change. TeamLease and Evolve would jointly address the needs of our dynamic telecom market and clients as technology trends like 4G, 5G, etc. drive the need for rapid and skilled field deployment of advanced technologies to enable the Hon. Prime Minister's mission of 'Digital India'.
Amitoj Sethi, Co-Founder and Director, Evolve said "We are delighted to partner with TeamLease as we find a strong cultural fit with our ethos of Teamwork, Integrity, Honesty, Passion and Excellence. We are excited by the opportunity to enhance our range of services to existing clients and to expand our client base. Further, the combined platform enhances opportunities for long-term career development for our young and passionate employees."
Shares of TeamLease Services Ltd was last trading in BSE at Rs.1576 as compared to the previous close of Rs. 1593.35. The total number of shares traded during the day was 400 in over 62 trades.
The stock hit an intraday high of Rs. 1655.3 and intraday low of 1576. The net turnover during the day was Rs. 647580.