Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

TeamLease Services to acquire Evolve Technologies

Posted On: 2017-10-16 02:41:00

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.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Shriram Housing Finance Ltd appoints Mr. Subramanian Jambunathan as MD & CEO

Innovative Ideals And Services India Ltd to consider overseas expansion

Kakinada Gateway Port Ltd. Signs Concession Agreement for development of Commercial Port

Hon'ble Prime Minister to launch City Gas Distribution bidding for Deoghar, Sheikhpura and Jamui District

ICRA reaffirms rating of Indoco Remedies Ltd

Bodhtree Consulting Ltd announces resignation of Mr. Muthukrishnan Swaminathan

Redington arm increases stake in Citrus to 84.8%

Gujarat Ambuja Exports Ltd updates on NGT order

Zensar to host Investor and Analyst Day 2018 in Mumbai, India

CARE reviews ratings of HSIL Limited

Skyline Millars Limited appoints CFO

Monotype India Ltd appoints CFO

Shivkamal Impex Ltd appoints CFO

Fraser and Company Ltd expands RMC business

Steel Strips Wheels Ltd appoints additional director

Dewan Housing Finance Corporation Ltd Q2 PAT jumps to Rs. 438.74 crores

Gaurav Mercantiles Limited announces resignation of Director

Maruti Suzuki launches #NextGenErtiga

Adani Gas expands pan-India CGD presence, bags 13 CGD projects

ICRA assigns rating to Sanghi Industries Ltd's enhance limit

UPL Ltd arm to acquire Bioquim Group in Costa Rica

Lupin launches generic Tetrabenazine Tablets

GHCL updates on restoration of operations of unit in Tamil Nadu

Infosys announces creation of 1,200 jobs in Australia

Rajesh Exports Limited bags new export order of 933 crores

HDFC Bank to acquire 4% stake in CCIL

Bodhtree Consulting enters partnership with AutomationEdge to deliver intelligent automatic solutions

Indiabulls Housing Finance Limited raises Rs 23,615 crores in the last 2 months

Excel Industries Ltd updates on CRISIL rating

India Home Loan Ltd announces resignation of CS

Bank of Baroda to sell 4% stake in The Clearing Corporation of India Limited for Rs. 124 crores

Minda Corporation Ltd enters into agreement with JV partner Furukawa Group

Zensar Technologies Showcases End to End Cloud Solutions Portfolio and Agile IT Automation at AWS re:Invent 2018

CRISIL reaffirms long term rating of Action Construction Equipment Ltd

ICRA assigns rating to Som Distilleries & Breweries Ltd

Reliance Mutual Fund announces FFO3 for CPSE ETF

Binani Cement Ltd becomes wholly ownedy subsidiary of UltraTech Cement Limited

Confidence Petroleum's Q2 FY 2019 PAT grows 171% y-o-y to INR 16.20 crore

Binani Industries Ltd calls for board meeting on Nov 23, 2018

Intellect Distribution and Service Suite 3.0 wins esteemed Life Insurance International Award

TCS a Leader in IDC MarketScape for Global DevOps Services

Global Top 10 Casino and Resort Chain TRUSTS Ramco

Maruti Suzuki ramps up Vitara Brezza production to reduce waiting period

Gayatri Projects Ltd declared L-1 for Rs. 162.05 crores project

Bhagyanagar Properties Ltd to sell 1 acre at Vattinagulapally, Hyderabad

Zydus receives tentative approval from the USFDA for Deferasirox Tablets

The Financial Services Revolution - powered by Nucleus FinnOne Neo Cloud

Workers resume work Indo Count Industries Ltd's spinning unit

Alembic Pharmaceuticals receives USFDA Approval for Vardenafil Hydrochloride Orally Disintegrating Tablets, 10 mg

AERA allows DIAL to charge Base Airport Charges plus 10% from Dec 1, 2018







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018