TeamLease and eCentric, have entered into a Definitive Agreement on February 11, 2019 vide which TeamLease, through its wholly owned subsidiary TL Digital acquires the IT staffing business of eCentric by way of business transfer / slump sale arrangement. The transaction will be immediately accretive to TeamLease's earnings per share and be financed with existing financial resources.
eCentric is a Hyderabad-based HR Services company. The IT Staffing vertical, operating since 2014, currently has over 100 core employees, 880 associates deployed across 20+ clients, with a turnover of over Rs.45 crore p.a.
eCentric shall transfer its IT staffing vertical to TL Digital, by way of slump sale on a going-concern basis, at a consideration equivalent to 4.5 multiple of the proportionate PBT transferred to TL Digital. The consideration is payable in two tranches - 85% on transfer of clients contributing to at least 90% of gross margin and 15% payable post 6 months of transition support.
Shares of TeamLease Services Ltd was last trading in BSE at Rs.2834 as compared to the previous close of Rs. 2820.55. The total number of shares traded during the day was 144 in over 84 trades.
The stock hit an intraday high of Rs. 2835.95 and intraday low of 2727.25. The net turnover during the day was Rs. 403581.