TeamLease to acquire Keystone, stock up 5 per cent

India's leading provider of human resource services in the organised segment, TeamLease, has informed the exchanges in a filing that it has signed a definitive agreement to acquire 100 per cent shares in Keystone Business Solutions.

The proposed acquisition does not fall within related party transaction and the promoters of the company have no interest in the entity proposed to be acquired by TeamLease. The consideration involved in the transaction is Rs 8.2 crore, which will be payable in cash.

The target company, Keystone Business Solutions Pvt. Ltd, was incorporated on June 25, 2009 to offer IT staffing solutions. It operates through its registered office in Bangalore.

TeamLease plans to complete the acquisition process on or before January 31, 2017.

TeamLease has been on an acquisition spree in the past few months and this is its third acquisition within a span of seven months as the firm seeks to further boost up its IT staffing segment.

Reacting to the news, the TeamLease stock surged as much as 5 per cent intra-day to hit a high of Rs 939 on the NSE.